Premier and Minister of Finance Dr. Natalio Wheatley has declined to disclose how much money Cabinet has approved from the Social Security Board (SSB) to support the National Bank of the Virgin Islands (NBVI), describing the information as “sensitive” and not yet ready for public disclosure.
The Premier was pressed on the financial health of the bank and the proposed movement of contributors’ money from SSB during Friday's press briefing.
“On the National Bank’s health, how much funding has Cabinet approved to go from Social Security’s money to propping up the National Bank? How much money are you moving from Social Security to prop up the National Bank?” the Premier was asked during a press conference.
Premier Wheatley said he was unable to provide the figure and would first have to consult with officials at the Ministry of Finance.
“That’s a question that I cannot answer at this particular moment because it’s sensitive information,” the Premier responded.
He added, “That is something that I will have to sit down and speak with the Ministry of Finance about, but it’s sensitive information that is not ready to be shared with the public at this particular stage of the process.”
The Premier did not indicate when the Government would be prepared to disclose the information.
The Government recently faced similar scrutiny over reports that more than $60 million could be sought from the SSB to finance the next phase of the Terrance B. Lettsome International Airport expansion.
The proposal involved a smaller runway extension of approximately 787 feet while the Government awaited United Kingdom approval for the larger expansion project.
Opposition Leader Marlon Penn demanded full disclosure on the proposed financing arrangement, questioning whether the project would be funded through government reserves, borrowing, a public-private partnership, Social Security funds or a combination of those options.
Penn also called on the Government to disclose the total cost, repayment arrangements, contingency provisions and the business case supporting the investment.
He warned that if anticipated airport revenues failed to materialise, taxpayers and SSB contributors could ultimately be exposed to the financial risk.
The Dr. Weathley Government has also faced sustained scrutiny over the controversial transfer of $5 million in public funds to the now-defunct Bank of Asia.
Premier Wheatley disclosed that former Accountant General Arnold Ainsley authorised the transfer to support the bank, and said the transaction was conducted outside the law.
The disclosure followed an internal audit commissioned by the Premier.
The Premier was pressed on the financial health of the bank and the proposed movement of contributors’ money from SSB during Friday's press briefing.
“On the National Bank’s health, how much funding has Cabinet approved to go from Social Security’s money to propping up the National Bank? How much money are you moving from Social Security to prop up the National Bank?” the Premier was asked during a press conference.
Premier Wheatley said he was unable to provide the figure and would first have to consult with officials at the Ministry of Finance.
“That’s a question that I cannot answer at this particular moment because it’s sensitive information,” the Premier responded.
He added, “That is something that I will have to sit down and speak with the Ministry of Finance about, but it’s sensitive information that is not ready to be shared with the public at this particular stage of the process.”
The Premier did not indicate when the Government would be prepared to disclose the information.
The Government recently faced similar scrutiny over reports that more than $60 million could be sought from the SSB to finance the next phase of the Terrance B. Lettsome International Airport expansion.
The proposal involved a smaller runway extension of approximately 787 feet while the Government awaited United Kingdom approval for the larger expansion project.
Opposition Leader Marlon Penn demanded full disclosure on the proposed financing arrangement, questioning whether the project would be funded through government reserves, borrowing, a public-private partnership, Social Security funds or a combination of those options.
Penn also called on the Government to disclose the total cost, repayment arrangements, contingency provisions and the business case supporting the investment.
He warned that if anticipated airport revenues failed to materialise, taxpayers and SSB contributors could ultimately be exposed to the financial risk.
The Dr. Weathley Government has also faced sustained scrutiny over the controversial transfer of $5 million in public funds to the now-defunct Bank of Asia.
Premier Wheatley disclosed that former Accountant General Arnold Ainsley authorised the transfer to support the bank, and said the transaction was conducted outside the law.
The disclosure followed an internal audit commissioned by the Premier.
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