ROAD TOWN, Tortola, British Virgin Islands — Opposition Leader Hon. Marlon A. Penn has launched a new weekly public engagement series, From the Opposition Leader’s Desk: A Weekly Conversation, with a call for greater transparency and accountability in the management of public funds.
In the inaugural edition, Penn focused on $7.5 million in public funds linked to two troubled investments: $5 million deposited with the Bank of Asia, which is now in receivership, and a $2.5 million investment involving Global Partners in Jamaica, which he said has reportedly gone bankrupt and is under investigation.
Penn said the circumstances surrounding the investments raise serious questions about the decisions made, the due diligence conducted, and the safeguards put in place to protect taxpayers’ money.
“This is not the Government’s money to gamble with. It is the people’s money, entrusted to the Government to manage responsibly and in the best interests of this Territory,” he said.
He identified several questions requiring answers, including who authorised the investments, how the risks were assessed, what protections were in place, and what steps are being taken to recover the funds.
Public Accounts Committee to pursue investigation
Penn, who also chairs the Public Accounts Committee (PAC), said that following the Committee’s recently concluded meeting, members formally adopted an operational manual to guide its work and agreed to proceed with a public investigation into the investments.
The Committee also intends to examine other government investments made in recent years to determine whether proper procedures were followed and adequate safeguards maintained.
Penn stressed that the investigation must be fair, thorough and evidence-based, adding that its findings should not be prejudged. However, he maintained that the questions surrounding the $7.5 million could not be ignored.
Seven years of spending under scrutiny
Beyond the investments, the Opposition Leader said scrutiny must extend to the Government’s capital expenditure over the past seven years, particularly spending on water, roads and other critical infrastructure, including projects financed through an approximately $100 million loan facility.
He questioned whether the money borrowed and spent has translated into tangible improvements for residents.
Water infrastructure was highlighted as a particular concern, with residents continuing to experience unreliable access to potable water and some households having to purchase trucked water at additional cost.
“Water is not a luxury. It is a basic necessity,” Penn said, arguing that the public deserves a clear account of how much was allocated to water infrastructure, which projects were undertaken, what was completed, and whether the spending delivered the improvements promised.
He said similar scrutiny should be applied to roadworks and other infrastructure projects, including whether they were completed on time, within budget and at a standard that provides value for money.
The approximately $100 million loan facility must also be examined to establish what it financed, what was delivered and what financial obligations remain.
“Borrowing money is not the problem. The question is whether that money is being used responsibly and delivering lasting benefits for our people,” he said.
Cost-of-living pressures heighten concerns
Penn said accountability over public spending is especially important as Virgin Islanders face rising electricity bills, expensive groceries, healthcare costs and other essential expenses.
He noted that families are struggling to stretch their incomes, small businesses are working to remain operational, seniors need greater security, and young people require opportunities to build their futures in the Territory.
Against this backdrop, he argued, every dollar of public money must be carefully managed and accounted for.
“This is not about political point-scoring. It is about responsible governance, protecting the public purse, and ensuring that government expenditure produces real benefits for the people,” he said.
Penn added that where evidence establishes that procedures were breached or responsibilities were not properly discharged, appropriate accountability must follow. He also called for lessons to be learned and safeguards strengthened to prevent the improper handling of public funds.
More public conversations promised
Penn said he intends to use the weekly series to keep residents informed about matters of national importance, raise difficult questions and discuss practical solutions to the challenges facing the Virgin Islands.
As Leader of the Opposition and Chairman of the PAC, he pledged to continue scrutinising government decisions and pressing for answers through the Committee and the wider work of the Opposition.
He said further updates on the planned investigation, including confirmed next steps, would be provided as they become available.
In closing, Penn outlined three central demands: answers on the $7.5 million in troubled investments, accountability for what the approximately $100 million loan facility was intended to deliver, and a clear account of the results achieved through seven years of infrastructure spending.
“These are not unreasonable demands. They are the expectations of a public that deserves transparency, accountability, and responsible management of its resources,” he said.
“Public office is a public trust. Public money belongs to the people, and the people have every right to know how it is being spent.”
Penn concluded by thanking residents for joining the inaugural edition of From the Opposition Leader’s Desk: A Weekly Conversation and called on the public to remain engaged and make their voices heard.