In the wake of public speculation and media reports surrounding the closure of Bank of Asia (BVI) Limited,  Minister for Financial Services, Labour & Trade, Hon. Lorna Smith, OBE, has issued a public statement firmly 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, a former non-executive director and Deputy Chair of the bank’s board, clarified 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 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.

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.

The Office of the United States Trade Representative (USTR) has exempted Caribbean shipping routes from newly proposed port fees on Chinese-built vessels. This decision follows concerted advocacy by the Caribbean Private Sector Organisation (CPSO) and regional stakeholders, who warned that the fees could have devastating economic consequences for the Caribbean.​

The USTR’s initial proposal aimed to impose fees of up to $1.5 million per port call on vessels constructed in China, as part of a broader strategy to counter China’s dominance in global shipbuilding and bolster the U.S. maritime industry. However, the policy faced immediate backlash from Caribbean nations, where a significant portion of shipping relies on Chinese-built vessels.​

Dr. Patrick Antoine, CEO and Technical Director of the CPSO, testified at a USTR public hearing, emphasizing that over 90% of CARICOM’s trade in goods depends on maritime transport. He warned that the proposed fees could lead to a 60% increase in shipping costs to and from the Caribbean, severely impacting economies where more than 50% of the ships are Chinese-built. ​

The potential repercussions were particularly alarming for smaller Caribbean states like Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Vincent and the Grenadines, which rely heavily on short-sea shipping routes serviced by Chinese-built vessels. Prime Minister Gaston Browne of Antigua and Barbuda expressed concern that shipping a container could increase by $3,000 to $4,000, leading to an 8–10% rise in consumer prices and pushing inflation rates to potentially 12–14%. ​

In response to these concerns, the USTR revised its policy to exempt ships operating between U.S. domestic routes, the Caribbean, U.S. territories, and Great Lakes ports from the new fees. This adjustment aims to prevent inflation, supply chain disruptions, and surging trade costs in the region. ​

The exemption has been met with relief across the Caribbean. Dr. Antoine expressed gratitude to the USTR for recognizing the unique challenges faced by Caribbean economies and for taking steps to safeguard regional trade stability.​

While the exemption provides immediate relief, regional leaders and industry stakeholders continue to monitor the situation closely. They advocate for long-term strategies to enhance the resilience of Caribbean supply chains and reduce dependency on external factors that could disrupt trade.​