Local News
BVI Launches Deposit Insurance Corporation to Bolster Financial Security
As part of an initiative to fortify financial security, the Ministry of Finance has established the Virgin Islands Deposit Insurance Corporation (VIDIC).
The corporation, aimed at safeguarding depositors within the Territory, held its Inaugural Board Meeting on January 16, 2024.
VIDIC – Your Financial Safety Net was designed as the financial safety net for the Territory and will provide crucial deposit protection to instill confidence and security in the banking system.
In the event of a bank’s failure, VIDIC will ensure the safety of deposited funds, offering peace of mind to every depositor.
The VIDIC Board of Directors, comprised of accomplished experts, will play pivotal roles in guiding the organisation’s strategic direction. The Board includes:
- Mr. Ian S. Smith – Chairman
- Mr. David Walker – External Director
- Mr. Kenneth Baker – Director
- Mrs. Sherri Ortiz-Fahie – Director
- Mr. Phillip Fahie – Director
VIDIC has outlined key objectives to fortify the financial landscape, including ensuring deposit safety in all financial situations, contributing to a resilient and robust financial sector for overall stability, enhancing public awareness and education regarding financial safety and sound banking practices, and actively collaborating with financial institutions to uphold and maintain high standards of financial security. These core objectives underscore VIDIC’s commitment to fostering a secure and informed financial environment within the Virgin Islands.
For further details about VIDIC’s role in enhancing financial security in the Virgin Islands, please contact the Ministry of Finance at (284) 468-2095.
In an inspiring act of generosity, Russ Roschman, an avid animal lover, marked his birthday in an extraordinary way—by dedicating it to the furry residents of the BVI Humane Society. Instead of accepting gifts, Roschman launched a GoFundMe campaign that raised an impressive $2,500 for the shelter.
Roschman spent the day with the shelter’s animals, earning the gratitude of staff and the community alike. The funds raised will be directed toward the running costs of the current shelter, providing vital resources to care for the animals.
The BVI Humane Society, in a heartfelt post, expressed their appreciation, calling Roschman an “amazing animal lover” and extending a “big furball thanks” for his kindness.
This act of selflessness shines a light on the ongoing needs of shelters like the BVI Humane Society, which rely on donations and community support to provide essential care for animals in need. Roschman’s gesture is a reminder of the impact individuals can make, one paw at a time.
The Immigration and Passport (Amendment) Act, 2024, signed into law by Governor Daniel Pruce on November 1, introduces significant changes to the Territory’s immigration policies. Among the most notable amendments is the doubling of the residency requirement for individuals seeking Belonger status, extending the period from ten to twenty years.
The legislation also establishes an Immigration Appeals Board to handle challenges and disputes, reflecting the government’s commitment to enhancing the transparency and accountability of the immigration process. Premier Natalio Wheatley described the amendments as a step forward in refining the system. “We are committed to ensuring that the process is transparent and equitab
Governor Daniel Pruce
le,” the Premier said in a statement.
While the new law introduces robust measures to regulate and manage immigration, it has drawn mixed reactions. One key point of contention is the lack of new pathways for children born in the Virgin Islands to non-Belonger parents. Critics argue that this omission leaves a gap in addressing a demographic often caught in legal limbo.
The amended law also tasks a newly created Quota Setting Committee with advising the Board of Immigration on annual quotas for residence and Belonger certificates. This ensures that quotas align with the Territory’s capacity and strategic objectives.
However, the law is not yet in effect. It will commence on a date to be announced by the Premier in the official Gazette. Applications submitted before this date will be processed under the previous legal framework, providing clarity for those already in the system.
The government has framed these changes as part of its broader strategy to ensure sustainable growth and prosperity for the Virgin Islands. “These amendments are designed to support the Territory’s long-term goals while maintaining fairness for all residents,” a government statement emphasised.
Tola Radio VI 100.5 FM, known as “the people’s radio,” has been off the air for 14 days amidst a legal standoff with Caribbean Cellular Telephone Limited (CCT). Managing Director Floyd P. Burnett, also known as “Heritage,” is urging public support as the station navigates what he describes as a targeted attack on freedom of speech and locally-owned businesses.
Mr. Burnett alleges that despite meeting all payment requirements and deadlines, CCT refused to accept Tola Radio’s payment and later disabled the station’s broadcasting equipment. “They physically touched our equipment and locked them off, despite written legal letters asking and instructing it not to be done,” he stated.
The dispute follows CCT’s October announcement terminating its service agreement with the radio station. CCT clarified that Tola Radio could retain its services if it became a paying customer, but according to Burnett, his payment was rejected without justification.
The controversy escalated when Burnett claimed an attempt was made to have him arrested and charged with attempted murder. “The public was to wake up and hear the radio off along with hearing I was arrested and charged, but God is greater than man!” he said.
Efforts to secure an extension for relocating Tola Radio’s equipment were also denied, Burnett said. Additionally, an urgent injunction filed in the High Court was postponed by a visiting judge until November 22 without hearing any arguments.
The ongoing shutdown has left eight employees without income, caused significant financial losses, and breached client agreements. Burnett criticized government officials for their lack of action, accusing them of failing to address the issue despite the government being a major client of CCT.
“Like most problems facing the BVI, they can’t [find] no way to help us! Even though the government is the tower people’s biggest client,” Burnett remarked.
Burnett is calling on the public to boycott CCT in protest. “Plug out the phone, plug out the chip, don’t pay your bill! We need to make a statement to corporate BVI today!” he urged.
He framed the situation as a broader fight for “freedom of speech, freedom of the press, and freedom of information,” asserting that the attack on Tola Radio sets a dangerous precedent for other local businesses.
Despite the challenges, Burnett assured Tola Radio’s listeners and partners that the station will resume broadcasting soon. “We will be back on air shortly, hopefully before the day is out,” he promised.
Animal Lover Celebrates Birthday by Raising $2,500 for BVI Humane Society
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