Honourable Lorna Smith OBE, Junior Minister for Financial Services, Labour and Trade released a statement late Friday evening June 6, 2025, void of any substantial details, and lacking in transparency and accountability. It raised more questions than answers, and was striking for what it did not say as much as for what it did say.

Smith sought instead, to defend her ‘reputation’ and threaten the freedom of the local press. She also sought to misguide the public and cast aspersions on the reputation and integrity of Guavaberry Media and its owner. 

Our media house understands that the statement released by the Honourable Member was done so against the wishes and expressions of her boss, the Premier Honourable Natalio Wheatley, who also released an ‘official’ statement on the matter, on behalf of his Government. 

Our media house released the following articles on Wednesday June 4, and Thursday June 5, 2025 -;

https://www.gbmediahouse.com/Articles/Article/3756/Possible-Cover-Up-in-Bank-of-Asia-Demise-Bank-Mishandled-Can-It-Still-Be-Saved

https://www.gbmediahouse.com/Articles/Article/3757/Head-of-VIDIC-Lisa-Violet-Resigns

The Junior Minister who is presently on travel with a delegation from her financial services portfolio, attempted to clear the air in terms of her role at the Bank of Asia and to also diminish her influence with the bank and within her portfolios of banking and financial services. 

While Smith would like to portray herself as, and wish for the public to believe that she is, the most powerless politically exposed person (PEP); the facts, those closest to her, and those who have worked with or have been exposed to her in any way, tell a different tale. 

Lorna Smith has worked tirelessly to put herself at every advantage to be able to exert influence and authority. She wears it with pride. 

However, Smith now claims her time and any affiliation with the bank as absolutely irrelevant and non influential/consequential. 

The Facts:

- Lorna Smith was directly involved in lobbying the FSC for the bank licence during her husband’s tenure.

- Lorna and her husband are long-time and close personal friends of the bank’s founder and his wife.

- Bank of Asia has listed Lorna Smith up to May 2023 as its Chairman.  Her nephew took her place on the board when she was elected.

- The bank’s founder and his wife have been in legal dispute since 2017, and for the duration of Lorna Smith being its Director, Deputy Chairman and Chairman. 

- The bank’s founder and his wife lost their case in 2018, and then proceeded to bring two appeals over 4 years, each of which they lost, during the time of Lorna Smith being its Director, Deputy Chairman and Chairman. 

- The bank’s founder and his wife were found to have dissipated material assets and breached court orders during the time of Lorna Smith being its Director, Deputy Chairman and Chairman.  They have been subject to two separate worldwide freezing injunctions (2019 and 2023), with the latter upheld upon appeal this year (2025).

- While her husband was Premier, Lorna Smith attended court hearings where the dissipation conclusions against her close friends were reached by the court.

- The bank’s founder and his wife were declared bankrupt in 2025 over matters arising during the time of Lorna Smith being its Director, Deputy Chairman and Chairman.

- The Bank of Asia was not in good standing with FSC while under Deputy Chairmanship and Chairmanship of Lorna Smith. 

- It has been publicly reported that the bank made at least nine (9) loans while Lorna Smith was a Director, Deputy Chairman and Chairman of the bank.  Were any of those loans made to the now bankrupt founder, his family, or his friends?

- As a Director, Deputy Chairman and Chairman of the bank, and as she publicly stated overseeing strategy and compliance (with audits for example), Lorna Smith would have been intimately aware of all happenings within the bank, including governance, financial performance, its loan portfolio and deposit base, and its equity position. This would generally also be the case as the Minister and now Junior Minister of Financial Services and Banking in charge of overseeing the FSC. 

- Lorna Smith became the Deputy Premier and Minister for Financial Services, Labour and Trade in 2023, which left her in charge of the FSC among other agencies. Smith was fired and then returned as the Junior Minister of the said portfolio after what we understand to be desperate negotiations between her, Premier Wheatley and her ‘handlers’.

- In the interim (February 2025), she travelled with the Premier to Hong Kong, home to the founder of the bank and his wife, and other parts of Asia.  In her public statement on 11 March 2025, Lorna Smith said that while on the trip she “engaged with longtime friends and associates who have worked with our country over many years.”

Who are the long-time friends and associates and what did they engage in? Was she accompanied by anyone else in the delegation for those meetings?

Government Deposits Money On Bank of Asia

The Government of the Virgin Islands placed over $5 million dollars in the Bank of Asia despite numerous clear red flags that would have been known to Lorna Smith, including its financial position and the public legal troubles of the bank’s founder and his wife.

Records are showing that the deposit may have been done between January and April of 2025, which raises even further red flags, questions and concerns on the motive of the move.  Was the deposited money then loaned or somehow used to prop up the equity of the bank? In this window of time the founder and his wife were declared bankrupt, Lorna Smith travelled to Asia and met with long-time friends and associates, and the worldwide freezing injunction against the founder and his wife was upheld in a public judgment from the court of appeal.  

On its face, the amount deposited could not save or bail out the bank, and given that VIDIC is a newly formed Government institution under the Premier’s portfolio, he would understand the loss that the Government treasury would face.  So why deposit the money, particularly when we understand that the Government had next to no prior banking relationship with Bank of Asia?

Despite our media house in addition to other media houses and entities including the Opposition Leader Myron Walwyn requesting a date of deposit of the $5 million into Bank of Asia, the Premier has refused to give an answer. He has also failed to address the date in his released statement. 

The Premier’s statement on the matter which was released on Friday June 6, 2025, sought to blame Civil Servants in the debacle, however, legislation places the authority with only him as the Minister for Finance, to authorise deposits to varying banks. 

The statement also spoke to initiating an internal audit on the matter. Doing so however, further conceals information from the public as internal audits are not made public. What is the Premier attempting to hide?

Leader of Opposition and Public Call on Governor 

Since the release of the Guavaberry Media articles last week, coffee shops, bars, restaurants have been filled with chatter on the varying revelations. The voting public and residents alike have expressed grave concern. 

The Leader of the Opposition Myron Walwyn released a statement on ZBVI radio yesterday evening Tuesday May 10, asking for the Governor of the Territory to step in and launch an official investigation in the matter. 

Honourable Smith OBE is now attending a 4-day Financial Action Task Force (FATF) conference in France.  The Government released a statement where Smith said, “This visit is an opportunity to reaffirm the Virgin Islands’ vital role as a constructive and cooperative partner in the global fight against financial crime.”