The Premier of the British Virgin Islands has admitted to procedural failures within the Ministry of Finance after revealing that a $2.5 million government investment in a Jamaican company was made without the legally required approvals, prompting an investigation.

Premier Dr Natalio Wheatley admitted that neither the Minister of Finance nor the Financial Secretary authorised the 2025 investment with Delta Capital, and said he was unaware of the transaction at the time it occurred. The matter is now under investigation by the Financial Investigation Agency (FIA).

The disclosure emerged during a government press conference last Friday, when Dr Wheatley was questioned about the reported investment.

“I was not aware of it at the time,” Dr Wheatley said.

When asked whether the transaction constituted another financial crime, the Premier acknowledged that established procedures had not been followed.

“This is another instance where the legislation wasn’t followed. This investment also would have required the Minister of Finance and Financial Secretary’s approval.”

Dr Wheatley said he could not comment further while the FIA investigation remains ongoing.

“When they come back with their findings, I’ll be in a better position to share more on that particular topic,” he said.

The revelation adds to ongoing scrutiny surrounding a separate $5 million government deposit in the now-defunct Bank of Asia to which Dr Wheatley drew comparison. He has previously said that former Accountant General Arnold Ainsley authorised that deposit without the approvals required under legislation.

He noted that while short-term public fund investments are common and have generated returns in other cases, both the Jamaican investment and the Bank of Asia deposit failed to follow proper procedures.

“We recognise that that’s a failing within the Ministry of Finance, and we’ve taken steps and measures to correct that failing,” Dr Wheatley said.

He added that Cabinet has since approved an investment strategy, with officials expected to fully comply with the new policy.

However, the Delta Capital investment is not the first government-backed financial decision in the BVI to end in controversy or financial loss.

Former Governor John Rankin previously warned that the Territory had experienced serious governance failures following the Commission of Inquiry, which found “poor governance, a lack of accountability and the misuse of public funds.”

Among the projects examined was the failed investment in BVI Airways, where government payments reportedly totalled approximately $7.2 million before the venture collapsed. The project became one of the most prominent examples cited in discussions about inadequate oversight of public spending.

The episode places renewed focus on the effectiveness of financial controls within the Territory’s public sector, as officials seek to demonstrate that corrective measures are sufficient to prevent similar breaches in the future. The outcome of the FIA investigation is expected to determine whether further action is required and whether additional safeguards will be introduced around government investment decisions.