Beautiful Virgin Islands

Saturday, Jul 26, 2025

Former FS says corporate entities need to do more in giving back

Former FS says corporate entities need to do more in giving back

A former Financial Secretary within the BVI government said he believes much more needs to be done by corporate entities in giving back to the community.
Eighth District candidate within the Virgin Islands Party (VIP), Allen Wheatley, has contended that, for too long, foreign companies, especially those within the banking and financial services sector, have taken from the territory without being good corporate citizens in return.

Wheatley said some of his observations over the years have included scenarios where the territory’s economic base has lacked the diversity to sustain the growth of the country.

The political hopeful said he’s already held preliminary discussions with persons on how the BVI can diversify its revenue base, including introducing initiatives such as trans-Atlantic shipping, improvements in telecommunications, and developing the blue economy.

But Wheatley was also quick to single out what he felt was the private sector’s insufficient contribution to the territory’s growth.

“I look at Virgin Gorda after [Hurricane] Irma, and I watched how those millionaires and billionaires spent inordinate sums of money to fix back the homes of the Virgin Gorda people, without asking for a dime in return, giving them roof material… you look at Tortola, and it took us so long to get going,” he argued.

Thank God for Haycraft

Wheatley also pointed to the length of time that it took schools in the territory to be repaired and said this also bothered him.

“They bother me because you have like banks here making $25 million profit — profit you know, not revenue, profit — and not one bank, not one trust company could do what those people did in Virgin Gorda. I can’t understand that,” he stated.

He chided businesses for allowing residents on Tortola to ‘suffer’ in the wake of the 2017 hurricanes, even as millionaires poured funding into the rebuilding of Virgin Gorda. “Thank God for [Peter] Haycraft and the Enis Adams [Primary] School. Look what that man did up there,” Wheatley commented.

He added: “We have to seriously take stock of how the corporate businesses — and I’m not talking about local businesses, I’m talking specifically about financial services — and I’m probably gonna offend some people, but I’ve told a lot of people in the industry already, I [will] come gunning. I ain’t joking about it. If I get a chance, they are going to make a more substantive contribution in this country. They have been making millions of dollars year after year and do nothing.”

Wheatley further contended that the model that was used by Haycraft can also be followed for other businesses, where funding for any particular project can be managed entirely by a corporate entity and not be filtered through the government, which may eventually lead to bottlenecks and red tape.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
×