The saga surrounding the collapsing Bank of Asia took a new twist Friday when the public agency that triggered its winding-down suddenly advertised for a new CEO.
The job advertisement from the Virgin Islands Deposit Insurance Corporation followed weeks of speculation swirling around the influential post.
The public body has failed to respond to questions from the Beacon regarding its leadership since early June.
The information requests by this newspaper sought clarity on who has been in charge of the VIDIC after a June 5 news report suggested that Lisa Violet had resigned the CEO post soon after the organisation announced the winding-down of Bank of Asia on May 29.
Ms. Violet has since changed her LinkedIn page to show her employment with the VIDIC — which started in June 2024 — as ending last month.
Last month, she referred questions to VIDIC communications officer Natalia Chinnery, who told the Beacon on June 24 that an “official statement” on the matter would be “forthcoming.”
But no such correspondence has emerged, and VIDIC Chairman Ian Smith has not responded to Beacon requests for comment.
On Friday, however, the corporation posted a vacancy notice on the government’s website for a new CEO who is expected to bring “strategic leadership and operational management” to the organisation.
Political firestorm
The bank’s dramatic provisional liquidation has sparked a political firestorm as the opposition demanded to know who sanctioned a $5 million deposit of public funds into the ailing financial institution earlier this year.
Premier Natalio “Sowande” Wheatley has refused say who made the deposit, urging the public to be patient and wait for answers from an inquiry he ordered from the government’s Internal Audit Department.
Though Mr. Wheatley also hasn’t said if he himself knows who was responsible for the deposit, he has insisted it was not sanctioned by him or Financial Services and Economic Development Junior Minister Lorna Smith and insisted that allegations to the contrary were “slanderous.”
In a press conference last week, the premier said he was not hiding behind the internal audit but wanted government experts to examine what had happened.
Mr. Wheatley has also hit out at sections of the media for stories about the Bank of Asia saga that he claimed were “libellous and damaging to the reputation of the territory.”
July 24 deadline
The advertisement seeking a new VIDIC CEO came just a month after the corporation announced it had started winding down Bank of Asia with the support of the Financial Services Commission.
The corporation set an application deadline of July 24 and stated it is seeking someone with “strategic leadership ability in key areas like financial services, banking, insurance and risk management.”
One of the key responsibilities listed for the post is “implementing decisions and policies of the board and adhering to government policies.”
The corporation stressed that the role is “critical in promoting the stability of the financial system through effective oversight of a deposit insurance scheme and management of financial institutions.”
Opposition Leader Myron Walwyn did not respond to a request for comment as of Beacon press time yesterday.
No comment
The Beacon’s previous attempts to obtain more information about the VIDIC’s leadership from government Communications Director Karia Christopher and the Financial Services Commission were unsuccessful.
Ms. Christopher told the Beacon that the VIDIC “can best answer that question, as they are a separate entity from the government of the Virgin Islands, and this will not be in my purview.”
The FSC told the Beacon that the VIDIC “does not fall under the responsibility of the FSC. The FSC is therefore not able to answer this question.”
