“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.

The post Lorna Smith Refutes Allegations in Bank of Asia Closure: “I Had No Such Authority” appeared first on Jahphix Television - BVI's #1 NEWS SOURCE.