Connect with us

Business

Works minister justifies spending on Road Town Market Square project

Published

on

Ribbon-cutting ceremony for the Road Town Market Square

By MERRICK ANDREWS, Online News Editor

(JTV News)
— To date, just over $1.3 million have been “committed” to the Road Town Market Square project and is “anticipated” to increase by $400,000 when the project is completed, Deputy Premier and Minister for Communications and Works Kye M. Rymer said Monday during the official opening ceremony for the Square.

Rymer said the project will span four budget cycles as he detailed, in a part of his prepared speech, justification for the expenditure.

The minister added that the project, which started in October 2020, was developed around an increasing need for green spaces in the city where persons can socialise and relax.

Rymer explained: “As Road Town develops with larger buildings, more vehicles and paved areas, there is an increasing need for green spaces where persons can socialise and relax. For this reason, we have incorporated the landscaping and will shortly install benches for persons to enjoy comfortably.

“You will notice that we have incorporated the adjacent buildings within the proximity of the Market Square through the construction of our walkways to create a plaza-like experience to encourage the tenants in the surrounding buildings to visit and patronise the various vendors and to also enjoy the relaxing environment created. As I said before, we want the Market Square to be an inclusive place where persons feel comfortable visiting to purchase goods and relax.

“After a restricted tender bidding process, the landscape installation and year-long maintenance contract was awarded to Minine’s Plants and Landscaping in the amount of fifty thousand, six hundred and ninety-four dollars and seventy-nine cents ($50,694.79). This will ensure the upkeep of the Market Square’s greenery year-round.

“To date, a total of one million, three hundred and five thousand, three hundred and fourteen dollars and six cents ($1,305,314.06) has been committed to this project which spans a total of 4 budget cycles. Special attention was given to ensure the Market Square will drain adequately during the construction process. Lengthy concrete box drains were constructed that are interconnected and then crosses over to the larger box drain adjacent to the Sol Gas Station. The kiosk slabs are all outfitted with internal floor drainage. All kiosks have rainwater guttering with downspouts that are connected to a piping system and then connected to the box drains. The service road is sloped to allow for the proper flow of water to the drainage system or towards the main road. Further, the Market Square is raised at a minimum 6 inches above the surrounding road levels to ensure that any water runoff from the roadways does not affect the Market Square during moderate rain events. Finally, we have reduced the amount of hardscaped areas and have included more soft landscaping which will include grass and shrubs and trees to allow for a better drainage of the water during those rain events.

“The first building constructed on the site was the bandstand building, which will serve as a central gathering area for any events that may be held at the Market Square. The bandstand was the first vertical structure on the site and signaled to persons that the project was actually underway after the substructure works.

“The construction of concrete bases for the solar lights and their subsequent installation indicates our Government’s focus on reducing our operational costs while safeguarding the environment. Fifteen solar lights were installed throughout the Market Square area to provide lighting to ensure a safe environment, particularly when vendors may be working through the night hours. There are still two outstanding components yet to be contracted; A new bus shelter will be constructed, and the shutters for the kiosks will be procured and installed. It is anticipated that the total expenditure at the end of this Market Square project will be approximately one million, seven thousand dollars ($1,700,000.00).”

BELOW IS THE MINISTER’S FULL REMARKS DELIVERED AT THE ROAD TOWN MARKET SQUARE DEDICATION AND RIBBON CUTTING CEREMONY

A pleasant Virgin Islands Good Morning everyone.

I would like to say a special welcome to those of you joining us both in person and via live stream at this auspicious occasion as we dedicate the long-awaited Market Square.

The Market Square project, commenced with a groundbreaking ceremony on 12 October, 2020, is a signature project of the Government of the Virgin Islands to foster entrepreneurship and economic growth. The City of Road Town has been without a market for several years, and this Government ensured that this was one of our priority projects to be executed.

The Market Square is a historical site established in the 1970s and was the fourth (4th) official Market Day venue in the Territory. It is truly heart-warming to see the transformation of the Market Square from my earlier years of visiting the market with my grandmother to the structures that we see today. I cannot help but to reminisce on the commute to Road Town to sell amongst the other vendors or attend events here as a teenager. The Market Square is undeniably a prominent landmark within the City.

This Market Square project comprises of one bandstand building, which will serve as a localised gathering location for cultural activities and events. One bathroom building with access and accommodations for persons with disabilities. There are sixteen kiosks; six (6) 10′ x 10′ kiosks and ten (10) 12′ x 12′ kiosks. Each kiosk will be enclosed with hurricane-rated shutters, and these shutters, when opened will provide shelter for patrons from the sun and rain based on their design. Each kiosk is also equipped with a sink for handwashing and electrical power. A bus shelter will be constructed in the open area adjacent to the road with benches to accommodate up to 25 persons and serve as the central point for passengers to gather for collection by the bus operators.

As Tourism is everyone’s business, in these beautiful Virgin Islands, we felt that it was important to present festive kiosks that will attract both tourists and residents alike. From today, this market will be bustling with vendors selling local and imported produce and goods, the sound of music, and people shopping. Further, we wanted to create an attractive area that our residents can be proud to visit and enjoy the local products, that also function as a recreational space for general gathering.

As Road Town develops with larger buildings, more vehicles and paved areas, there is an increasing need for green spaces where persons can socialise and relax. For this reason, we have incorporated the landscaping and will shortly install benches for persons to enjoy comfortably.

You will notice that we have incorporated the adjacent buildings within the proximity of the Market Square through the construction of our walkways to create a plaza-like experience to encourage the tenants in the surrounding buildings to visit and patronise the various vendors and to also enjoy the relaxing environment created. As I said before, we want the Market Square to be an inclusive place where persons feel comfortable visiting to purchase goods and relax.

After a restricted tender bidding process, the landscape installation and year-long maintenance contract was awarded to Minine’s Plants and Landscaping in the amount of fifty thousand, six hundred and ninety-four dollars and seventy-nine cents ($50,694.79). This will ensure the upkeep of the Market Square’s greenery year-round.

To date, a total of one million, three hundred and five thousand, three hundred and fourteen dollars and six cents ($1,305,314.06) has been committed to this project which spans a total of 4 budget cycles. Special attention was given to ensure the Market Square will drain adequately during the construction process. Lengthy concrete box drains were constructed that are interconnected and then crosses over to the larger box drain adjacent to the Sol Gas Station. The kiosk slabs are all outfitted with internal floor drainage. All kiosks have rainwater guttering with downspouts that are connected to a piping system and then connected to the box drains. The service road is sloped to allow for the proper flow of water to the drainage system or towards the main road. Further, the Market Square is raised at a minimum 6 inches above the surrounding road levels to ensure that any water runoff from the roadways does not affect the Market Square during moderate rain events. Finally, we have reduced the amount of hardscaped areas and have included more soft landscaping which will include grass and shrubs and trees to allow for a better drainage of the water during those rain events.

The first building constructed on the site was the bandstand building, which will serve as a central gathering area for any events that may be held at the Market Square. The bandstand was the first vertical structure on the site and signaled to persons that the project was actually underway after the substructure works.

The construction of concrete bases for the solar lights and their subsequent installation indicates our Government’s focus on reducing our operational costs while safeguarding the environment. Fifteen solar lights were installed throughout the Market Square area to provide lighting to ensure a safe environment, particularly when vendors may be working through the night hours. There are still two outstanding components yet to be contracted; A new bus shelter will be constructed, and the shutters for the kiosks will be procured and installed. It is anticipated that the total expenditure at the end of this Market Square project will be approximately one million, seven thousand dollars ($1,700,000.00).

The Wickham’s Cay Development Authority will initially manage the Market Square. In short order, tenderers will be invited to bid for the management contract to oversee the maintenance and operations of the facilities.

In order for vendors to obtain a kiosk, the Department of Trade, through the Jr. Minister and the Ministry of Communications and Works in conjunction with the Wickham’s Cay Development Authority, executed an application process that encompassed an assessment of the applicants who were evaluated on their belonger status, possession of a valid trade license, their business concept, financial viability, credit references and the applicant having no pending litigations. I am proud to report that all the vendors here today have met the criteria.

I take this opportunity to congratulate you and extend my sincerest well wishes to all businesses that are occupying, and those that will occupy a kiosk in the Market Square in the future. As we are an inclusive Government, we have reserved a Kiosk for entrepreneurs, farmers, fisher folks for periodic use. We welcome you to request the usage of a kiosk at a daily rate of $25, once space is available. We have also reserved a kiosk for exclusive use by our Sister Island farmers and fisherman that commute to the City with their goods. We have not left anyone out!

I trust that all vendor business ingenuities prove to be profitable and thriving. I also encourage healthy business practices and appeal to all vendors to partner with this Government as we pledge to keep this facility clean and welcoming for all patrons.

This project could not be realised without the support of my colleagues in the Government and the work of my team in the Ministry. I would like to commend the project team for bringing to reality this new Market Square that we see before us today. Thank you to Mr. Duane Fraites, the Project Manager responsible for overseeing the project and Mr. Elton Smith, the Project Supervisor responsible for the day to day activities on the ground.

I would also like to acknowledge the previous Minister of Finance, Andrew A. Fahie and now our Minister of Finance Dr. the Honourable Natalio D. Wheatley. I also wish to commend the Jr. Minister for Trade, Honourable Sheeren Flax-Charles, Permanent Secretary, Mr. Ronald Smith-Berkeley and the entire staff of the Ministry of Communications and Works for their individual roles that assisted in this project including Deputy Secretaries, Ms. Haley Trott, Acting Deputy Secretary Mrs. Jovita Scatliffe, Mr. Bernard Grant and Mr. Dillon Robin for providing assistance to this project. I would also like to acknowledge the staff at the Public Works Department for their assistance towards this project, the Town and Country Planning Department for the development of the schematics of the Market Square master plan, and Mr. Jose deCastro of 3DE Limited for developing the architectural plans and designs for this Market Square project and all the contractors involved in this project, there are too many to mention today. I also acknowledge our City Manager who will take up the mantle of managing this project in the interim.

The construction of the Market Square was one of our commitments when we took office and I am pleased that we have been able to deliver on this promise to the people. The Market Square is just one component of the Road Town Improvement Project. With the support of my colleagues in the Government and my team in the Ministry, we have been able to beautify the City of Road Town with the planting of palm trees, improved the curbsides and sidewalks, widened segments of the road to create merging and filtering lanes, significantly improved the sewerage system, installed solar powered cross walk signs, made adjustments to the traffic flow, added an additional Eastbound lane on Waterfront Drive and we’re in the process of adding an additional Westbound lane in McNamara.

One of our most noted successes is the Road Town Park and Ride Shuttle Service. We have ensured to include the Market Square as one of the stops in the Park and Ride shuttle service to maximise the traffic to the market. Patrons can hop off of one trolley, purchase their goods, relax for a while and hop onto another trolley.

We dedicate this Market Square today with immense pride and great joy. May this space encourage not only economic enrichment but recreational enjoyment as well. I close with reassurance to the people of this territory that this Government remains committed to improving the infrastructure and providing opportunities for a thriving economy and enhanced quality of life for all here in these beautiful Virgin Islands.

I thank you.

 

Business

Walwyn Calls for Independent Investigation in Wake of $5M Bank Deposit Controversy

Published

on

By

Hon. Myron V. Walwyn, Opposition Leader and Sixth District Representative, in an address to the Virgin Islands public on June 10, raised alarm bells over the apparent mismanagement of $5 million in public funds —monies deposited into a financially unstable bank that has since collapsed.

His remarks, delivered in a speech titled “The $5 Million Question: A Deep Dive into the Fate of Public Funds in the Bank of Asia’s Collapse,” outlined a timeline of events and decisions that he argued point to serious failures in oversight.

“I come to you to address a matter of serious concern, one that directly affects the trust and financial security of the people of this territory,” Walwyn said. “I’m referring to the recent revelations surrounding Bank of Asia BVI Limited, and the troubling discovery that $5 million of the people’s money was deposited into that bank—even after the public signs that it was failing.”

According to Walwyn, Premier and Minister of Finance Hon. Dr. Natalio Wheatley disclosed in the House of Assembly that as of December 31, 2024, the Government of the Virgin Islands held no funds in the bank. However, by April 30, 2025—after the bank’s parent company had filed for bankruptcy and assets were reportedly frozen—$5 million was deposited into a newly opened account.

Walwyn cited public reports from OffshoreAlert, a financial investigative outlet, which had flagged the bank’s financial troubles. He also pointed to Bank of Asia’s failure to submit audited financial statements for multiple years as a red flag.

With the bank now under liquidation, the government is considered an unsecured creditor. Under the protections offered by the Virgin Islands Deposit Insurance Corporation (VIDIC), only the first $100,000 of the deposit is insured, leaving $4.9 million potentially unrecoverable.

“In other words,” Walwyn said, “we are probably very likely to lose most, if not all, of that $5 million—while our people continue to struggle with the high cost of living, with roads that are crumbling, water shortages that have become a way of life, and local businesses barely staying afloat.”

He went on to raise broader concerns about what he described as fiscal mismanagement, including a $20 million shortfall in funding for civil service salary increases and alleged excessive government spending on entertainment, vehicles, and overseas travel.

In response to the controversy, Premier Wheatley issued an official statement on June 6, asserting that the decision to place the funds in Bank of Asia was made by designated public officers within the Ministry of Finance, not by elected officials. He emphasized that the deposit was part of a broader strategy to diversify the government’s financial portfolio, a common practice in public finance.

“As Premier, my priority is the stability and wellbeing of our Islands, guided by our strong institutions, whose independence and expertise uphold our banking sector’s integrity,” Premier Wheatley stated.

BVI Premier Natalio Wheatley to attend CARICOM meeting in The Bahamas.

Premier Natalio Wheatley

He reaffirmed the Government’s commitment to transparency and announced he had requested an internal audit of the transaction. “To reassure taxpayers and ensure full transparency, I am requesting an internal audit to review this specific transaction. I hope this will offer clear insight, foster confidence, and bring greater understanding to all,” he said.

The Premier also expressed confidence in the Financial Services Commission (FSC) and VIDIC, which are overseeing the bank’s winding down process.

“These institutions, backed by professional expertise and international best practices, ensure that our regulatory framework remains strong, responsive, and trusted,” the statement continued. “The Government fully supports their work and appreciates their steadfast commitment to integrity and transparency.”

However, Walwyn challenged the Premier’s distancing from the decision. Citing the Public Finance Management Act of 2004, he said that the Minister of Finance bears ultimate legal and ethical responsibility for decisions involving public funds. He referenced Section 17, which assigns supervision of government finances to the Minister, and Section 29, which gives the Minister the authority to determine where funds from the Consolidated Fund are deposited.

“One of the most troubling signs of weak leadership is the tendency to shift blame onto subordinates when things go wrong,” Walwyn said. “True leaders take responsibility.”

He also raised doubts about the usefulness of an internal audit in addressing public concerns, noting that such audits are typically confidential. Instead, he called on the Governor to initiate an independent investigation into the matter.

“It is a fundamental principle of good governance that one cannot investigate or call an investigation into a matter in which they have personal or institutional involvement,” Walwyn said. “The people of this territory deserve no less.”

Continue Reading

Business

Lorna Smith Refutes Allegations in Bank of Asia Closure: “I Had No Such Authority”

Published

on

By

In the wake of public speculation and media reports surrounding the closure of Bank of Asia (BVI) Limited, Junior Minister for Financial Services and former Minister for Financial Services, Labour & Trade, Hon. Lorna Smith, OBE, has issued a public statement rejecting allegations of impropriety and affirming her distance from operational or regulatory decisions concerning the bank.

“I had no such authority, gave no such instruction,” Smith declared, addressing claims that she directed government funds into the bank prior to its collapse. “I categorically deny the claim.”

Smith, who said that she is a former non-executive director and Deputy Chair of the bank’s board, said that she served in a governance role from around 2019 until her resignation in April 2023, months before entering public office. She stated that her role was limited to strategic oversight and compliance and that she was never involved in the bank’s daily operations.

The Junior minister also rejected reports suggesting she received a $15,000 monthly salary, calling the claim inaccurate. “All directors were approved to receive quarterly compensation,” she stated. “That figure is simply incorrect.”

Responding to accusations of regulatory interference, Smith underscored the statutory independence of both the Financial Services Commission (FSC) and the Virgin Islands Deposit Insurance Corporation (VIDIC), the two agencies responsible for oversight of the financial sector and the bank’s resolution. “I have never issued instructions to either regulator concerning the Bank of Asia or any other regulated entity,” she said. She also pointed out that VIDIC falls under the portfolio of the Premier and Minister of Finance, not her ministry.

Addressing reports of internal conflict, Smith said she had met VIDIC’s CEO, Lisa Violet, only twice—once during a courtesy call in late 2024, and once during a virtual group meeting. “I categorically refute any suggestion of tension, conflict, or obstruction,” she stated.

On broader allegations of personal enrichment, Smith issued a firm denial. “Any claim that I have used public office for personal gain, or to benefit friends, family, or associates, is defamatory and wholly unsubstantiated,” she said.

In closing, Smith urged for higher standards in media reporting and emphasized the importance of protecting the reputation of the Virgin Islands’ financial services sector. “The publication of false, exaggerated, or speculative claims undermines our jurisdiction,” she said. “I will not be deterred by baseless attacks or misinformation.”

She added that if defamatory reporting continues without correction, she reserves all legal rights and remedies available to her.

Continue Reading

Business

CIBC Caribbean Donates $2,500 to BVI Diabetes Association During Staff Health Initiative

Published

on

By

CIBC Caribbean has made a $2,500 contribution to the British Virgin Islands Diabetes Association (BVIDA) as part of its ongoing efforts to support health awareness and community wellness across the region.

The donation was officially presented at the bank’s Road Town branch during its Staff Appreciation Week in May. Vernecia Holder, Head of International Corporate Banking at CIBC Caribbean, handed over the cheque to Roselia James-Dawson, Resource Manager and Certified Diabetes Educator at BVIDA.

The presentation followed a staff-focused educational session on diabetes prevention and management led by Nurse Magdelina Jean-Louis, DSc. H. Ed. The session underscored key issues such as early detection, lifestyle modifications, and disease control—topics that are especially relevant in the Caribbean, where rates of non-communicable diseases continue to rise.

At CIBC Caribbean, we recognize the vital role of education and community support in addressing chronic diseases such as diabetes,” said Holder. “We are honored to contribute to the BVI Diabetes Association’s efforts to empower individuals with knowledge and resources to manage their health effectively.

In accepting the donation, James-Dawson said the funds would aid in expanding the Association’s outreach and education efforts.

This donation will significantly enhance our outreach and education programs, allowing us to better serve those affected by diabetes in the British Virgin Islands,” she stated. “We are deeply grateful for CIBC Caribbean’s partnership in this important cause.

CIBC Caribbean has pledged to continue supporting local organisations and initiatives that focus on community development, health, and wellness.

Enquiries about BVIDA’s programs can be directed to bvidiabetes@gmail.com.

Continue Reading

Trending