Opposition Committee to Probe $7.5M in Contested Investments

The opposition-controlled Public Accounts Committee has committed to a public inquiry into two government investments worth $7.5 million, Opposition Leader Marlon Penn announced on Tuesday.

The committee will focus on $5 million placed with the Bank of Asia, which has entered receivership, and $2.5 million directed to Global Partners in Jamaica. Penn stated that the Jamaican company had reportedly collapsed and faced its own investigation.

Beyond these two cases, the PAC intends to review other government investments from recent years to verify that correct procedures were observed and proper protections existed. Penn sought clarity on who approved the investments, what checks were performed beforehand, how risks were evaluated, and what recovery efforts are underway.

"The investigation must be fair, thorough, and guided by the evidence. We will not prejudge its findings," Penn said. "But neither will we turn a blind eye to serious questions involving $7.5 million in public funds."

The committee, chaired by Penn, comprises four opposition members and government representative Stacy Mather, an At Large Representative. The PAC formally adopted its operational manual at its most recent meeting before committing to the investigation.

Penn also demanded examination of capital spending over the past seven years, with particular focus on water, roads and other essential infrastructure. He highlighted that many residents lack dependable access to clean water and must purchase water delivered by truck, adding costs to families already squeezed by inflation.

The opposition leader pressed for details on how the Territory used an approximately $100 million loan facility: what projects it funded, what was completed, and what debts remain outstanding. He argued that government success should not be measured by borrowing or spending levels alone, but by the actual infrastructure quality and tangible improvements residents see in their lives.

Penn committed to pursuing answers through the PAC and the broader Opposition, promising updates on the investigation's progress in coming weeks.