Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Wheatley clarifies Premier’s claim of BVI losing $70M in investments

Wheatley clarifies Premier’s claim of BVI losing $70M in investments

Amid Premier Andrew Fahie’s recent announcement that led residents to believe the territory lost $70 million in investment through the Social Security Board (SSB), Minister responsible Vincent Wheatley has clarified that it was an impermanent loss.

“Bear in mind this [so-called ‘loss’] was an instance in time that may have only lasted a day or a few weeks,” Wheatley told BVI News.

Fahie — who caused serious concern among members of the public — has since received heavy backlash from Opposition Leader Marlon Penn who labelled the Premier’s bombshell announcement as misleading and “downright false”.

Taken out of context?


Wheatley, in the meantime, jumped to the defence of the Premier, stating in an interview with our news centre that Fahie’s statement was taken out of context.

According to Wheatley, Premier Fahie was simply informing the public that way more money is lost in yearly investments, than the $40 million his government took from the SSB to provide a COVID-19 economic stimulus package.

The minister said: “The Premier’s statement must be seen in the context in which it was given. Stock markets go up and down all the time, that is hardly news. He was making the point that taking $40 million from the Social Security should not be seen as the end of it as they have experienced fluctuations greater than that already.”

No comment


Wheatley then directed our news station to contact the Chairman of the SSB Ian Smith for precise information on the $70 million interest that Fahie claimed had been lost in investments.

When contacting Smith, he declined to comment on the matter. However, he said the SSB would review the Premier’s comment on the matter and publish an official statement if the board felt that a statement was warranted.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×