ROAD TOWN, Tortola, Virgin Islands — Independent At-Large candidate Rosemary Rosan is calling on His Excellency Governor Daniel Pruce to immediately establish an independent Commission of Inquiry into the Bank of Asia fiasco, the Government’s investment in Delta Capital, and the wider management of public funds by the Government of the Virgin Islands.

Rosan said the inquiry must go beyond examining individual transactions and instead investigate whether there has been a systemic failure of governance, oversight, accountability and financial stewardship at the highest levels of Government.

“The people of the Virgin Islands deserve the truth,” Rosan said. “Not another internal review. Not another carefully worded press release. Not another attempt to shift responsibility. They deserve an independent investigation that follows the evidence wherever it leads.”

According to Rosan, the inquiry should examine the roles and responsibilities of Premier and Minister of Finance Dr. Natalio Wheatley, Financial Secretary Jeremiah Frett, former Accountant General Arnold Ainsley, former Deputy Premier and Minister responsible for Financial Services Lorna Smith, and any other current or former public officials whose decisions or actions may have influenced the management of public funds.

She stressed that this is not a declaration of guilt against any individual.

“It is a demand for transparency. A Commission of Inquiry exists to establish facts—not assumptions. If public officials acted appropriately, an independent inquiry will confirm that. If mistakes were made, the people deserve to know. If there were failures of governance, they must be corrected.”

A Pattern the Public Can No Longer Ignore

Rosan argues that the Bank of Asia controversy cannot be viewed in isolation.

“The people have watched controversy after controversy unfold involving public finances, Government investments, procurement, statutory bodies and financial decision-making. Every time questions are raised, we hear the same response—that no one knew, no one authorised it, or no one can explain how it happened.”

“At what point do we stop calling these isolated incidents and begin asking whether there is a deeper systemic problem within the management of Government?”

She noted that only a few years ago, the Commission of Inquiry exposed serious weaknesses in governance, accountability and public administration, resulting in sweeping recommendations intended to restore confidence in the Territory’s institutions.

“Those reforms were supposed to mark a turning point. Yet today, the public continues to ask many of the same questions. That alone should concern every Virgin Islander.”

More Than One Signature

Rosan rejected the suggestion that responsibility can rest solely with one public officer.

“No Accountant General operates in isolation.”

“Public money moves through systems of approval, internal controls, Treasury procedures, financial regulations and ministerial oversight. A Commission of Inquiry must determine not only who signed documents but who recommended decisions, who reviewed them, who questioned them, who approved them and whether anyone ignored warning signs.”

She said accountability must extend throughout the entire chain of decision-making.

The Questions That Must Be Answered

Rosan believes the Commission should determine:

• Who authorised the placement of public funds with Bank of Asia.
• What due diligence was undertaken before public funds were deposited or invested.
• Whether risk assessments were completed.
• Whether any internal or external warnings were received and, if so, how they were handled.
• Whether Treasury regulations, financial management legislation and established Government procedures were followed.
• The full circumstances surrounding Government’s investment in Delta Capital.
• Whether there are any common decision-makers, advisers, approvals or governance failures linking the Bank of Asia and Delta Capital matters.
• Whether any individual or organisation directly or indirectly benefited from these decisions.
• Whether ministers exercised appropriate oversight over public finances.
• Whether reforms are required to strengthen the protection of taxpayers’ money.

“The purpose of an inquiry is to establish facts,” Rosan said. “If there is no connection between these matters, let an independent investigation say so. If there is, then the people deserve to know the full truth.”

Who Was Watching the People’s Money?

Rosan questioned repeated public statements indicating that senior officials were unaware of how these decisions occurred.

“The Premier has publicly stated on several occasions that he was unaware of how these matters happened.”

“If the Minister of Finance was unaware, then who was exercising oversight? If the Financial Secretary was unaware, who was monitoring compliance? If ministers were unaware, who was accountable? If everyone claims they did not know, then who did?”

“Those are not political questions. They are questions of public administration.”

Corruption Thrives Where Transparency Is Absent

Rosan stressed that she is not accusing any individual of corruption.

However, she said history demonstrates that secrecy, weak oversight and poor accountability create conditions in which corruption can flourish.

“The best defence against corruption is transparency.”

“When Government investigates itself, public confidence is weakened. When an independent Commission of Inquiry examines evidence under oath, confidence can begin to be restored.”

A Challenge to the Governor

Rosan called directly on Governor Daniel Pruce to act.

“The Governor has consistently spoken about good governance, accountability and protecting the integrity of our public institutions.”

“If those principles are to mean anything, then this is precisely the type of matter that deserves independent scrutiny.”

“The people cannot continue to accept Government investigating Government.”

Restoring Trust

Rosan said this is not about political revenge.

“This is about protecting taxpayers.”

“This is about protecting future generations.”

“This is about ensuring that every dollar entrusted to Government is managed with integrity.”

She also called for a forensic examination of all significant Government investments, deposits, guarantees and financial commitments made over recent years to determine whether appropriate governance standards were consistently applied.

“If an ordinary public officer misplaced a few thousand dollars, disciplinary proceedings would almost certainly follow. When millions of dollars belonging to the people are involved, why should the standard of accountability be any lower?”

The Time for Excuses Is Over

Rosan concluded by saying that the Virgin Islands stands at another defining moment in its democratic history.

“The people are not asking for rumours.”

“They are asking for records.”

“They are not asking for political speeches.”

“They are asking for sworn testimony.”

“They are not asking Government to investigate Government.”

“They are asking for an independent Commission of Inquiry that follows the evidence wherever it leads—without fear, without favour and without political interference.”

“And let me be absolutely clear. If there is nothing to hide, then there should be nothing to fear from a full, independent and transparent Commission of Inquiry.”

“The Virgin Islands deserves answers.”

“The people deserve accountability.”

“And the people’s money deserves protection.”