AGP Executive Report

BVI Governance & Finance: Opposition Leader Marlon Penn is demanding answers after he says the BVI suffered about US$7.5 million in investment losses, including a US$2.5 million Delta Capital Partners deal in Jamaica, as the government faces Financial Investigation Agency and Internal Audit probes. Local Accountability: Penn argues the Public Finance Management Act requires Minister of Finance approval for Consolidated Fund investments, calling Premier Natalio Wheatley’s “no knowledge” claim “incompetence” and saying “heads must roll.” Tourism & Environment: White Bay in Jost van Dyke is dealing with a thick Sargassum seaweed influx that’s fouling boat propellers and could deter visitors—raising fresh pressure on tourism-linked businesses. Business Continuity: A major fire destroyed Omar’s VG and Game Over on Virgin Gorda early Thursday, with social media videos circulating as investigators assess damage. Corporate Moves: WISeKey announced an Extraordinary General Meeting on Sept. 9 to approve its proposed redomiciliation to the British Virgin Islands. Aviation Leadership: Kurt Menal, formerly BVI Airports Authority managing director, was appointed CEO of Antigua’s VC Bird International Airport effective Aug. 1. Global Policy Watch: China’s new 20% tax on offshore trusts is triggering asset-selling and compliance rushes among China-linked families and advisers in major offshore hubs, including the BVI.

BVI Public Finance Probe: Opposition Leader Marlon Penn is demanding accountability over alleged government investment losses totaling about US$7.5M, including a US$2.5M Delta Capital Partners deal in Jamaica and a prior US$5M Bank of Asia (BVI) deposit flagged for liquidation—while the Premier says the Delta investment happened without his knowledge and outside required approvals. Local Governance: The BVI government has launched an investigation into the US$2.5M Delta Capital investment, citing possible breaches of the Public Finance Management Act and pointing to Financial Investigation Agency and Internal Audit reviews. Business & Tourism Disruption: White Bay in Jost van Dyke is dealing with a thick Sargassum influx that’s fouling boats and could deter visitors, putting pressure on tourism-linked businesses. Regional Aviation Leadership: Kurt A.G. Menal, formerly Managing Director of the BVI Airports Authority, has been appointed CEO of Antigua’s VC Bird International Airport, effective Aug. 1. Corporate Finance (BVI): Aura Minerals declared a US$0.72 per share dividend (US$60.42M total) and reported record first-half results, while Onity Group posted Q2 2026 results showing revenue and servicing growth. Offshore Finance Watch: A report says China’s new 20% tax on offshore trusts is prompting asset-selling and cash-raising among China-linked families, with BVI among favored jurisdictions. Crime & Public Safety: Acting Police Commissioner Richard Ullger vowed investigators will pursue every lead after two murders in July. Local Fire Incident: A fire destroyed Omar’s VG and Game Over on Virgin Gorda early Thursday morning. Hemp Policy: U.S. state AGs, including Maryland, are urging Congress to preserve the federal redefinition of hemp and reject efforts to weaken it. DeFi/Markets: WISeKey announced an EGM to approve redomiciliation to the British Virgin Islands, and LBank listed FLURRY (Flurry Governance Token).

BVI Finance & Governance: British Virgin Islands authorities have launched a major probe into how US$2.5 million in public funds was invested in Jamaica’s Delta Capital Partners, with Premier Natalio Wheatley saying the deal violated the Public Finance Management Act and was made without his approval. USVI Airport Incident: At Cyril E. King Airport, a man was arrested after a physical altercation with Port Authority police tied to a Delta check-in dispute. BVI Airports Leadership: Kurt A.G. Menal, formerly Managing Director of the BVI Airports Authority, has been appointed CEO of Antigua’s VC Bird International Airport. Tourism & Trade Links: BVI leaders are preparing for a four-city Financial Services Trade Mission to India (Aug. 24–31) aimed at connecting with investors and fintech decision-makers. Local Real Estate Vote: Senators approved a 99-year lease for Water Island’s luxury resort, marina, and villas despite resident opposition. Caribbean Tourism Pressure: Record sargassum levels—27 million metric tons in July—are smothering beaches across the Caribbean and Gulf, threatening visitor demand. Business & Markets: Aura Minerals declared a US$0.72 per share dividend and reported record first-half results.

BVI Business & Finance: Quantes launched a managed compute platform that lets eligible investors participate in AI infrastructure without owning or maintaining hardware, with returns tied to compute performance and utilization. USVI Real Estate Development: Senators voted 11-3 to approve a 99-year lease for Water Island Development Company LLC, clearing the way for a luxury resort, marina, and private villas despite resident opposition. Tech & Payments: MoonPay added “gasless” TRON transactions via its Trade infrastructure, letting users transact without holding TRX for network fees—aimed at simplifying stablecoin payments. Tourism & Travel: Audley Travel is expanding Caribbean coverage by adding Dominica and the British Virgin Islands to its itineraries, including options featuring Necker Island and Moskito Island. Education & Community: Sterling Optical’s Adams-Mahepath Scholarship marked 25 years of giving, awarding $1,500 scholarships to 13 students across St. Croix and St. Thomas-St. John. Local Weather: St. Croix and St. Thomas saw a Heat Advisory as Saharan dust cleared, with high fire danger due to dry conditions. Public Safety: VIPD Burglary Unit arrested three men tied to commercial break-ins on St. Croix, including cases involving Cheeseburger in Paradise and a service station.

Offshore Finance & Legal Services: Mourant, the Jersey-headquartered offshore firm advising on BVI and other financial centres, took a minority investment from MML (27% stake) to fund more tech and talent and pursue measured global expansion, while keeping control with existing owners. BVI Business & Courts: A BVI-registered company tied to the “Please Call Me” dispute—Black Rock Mining—was found to have ceased in 2014 amid a ruling describing a fraudulent transfer of rights, keeping the long-running saga in the spotlight. Territory Politics: Dwight Hill says he intends to contest the 2027 general elections, pitching unity and “fresh solutions” as he seeks public support. Hemp Regulation Push (US-wide, with local relevance): Attorneys general led by Arkansas AG Tim Griffin and Connecticut AG William Tong are urging Congress to preserve 2025 federal hemp reforms and reject moves that could reopen loopholes allowing intoxicating hemp products. Public Safety (St. Croix): VIPD burglary unit arrested three men linked to separate commercial break-ins, including Cheeseburger in Paradise and a service station. Weather & Risk (St. Croix): Saharan dust is clearing but a heat advisory is in effect, with brief showers possible and fire danger staying high due to dry conditions. Crime & Accountability (VI): Acting RVIPF Commissioner Richard Ullger vowed the force will “face the full force of the law” after two murders were recorded in July.

Hemp Policy Push: U.S. Virgin Islands–relevant regulators are watching a major federal fight as Attorney General Tim Griffin leads 34 AGs urging Congress to preserve 2025 federal hemp reforms and block a return of “intoxicating hemp” loopholes. Power & Reliability: WAPA says St. Thomas and St. John face a planned overnight grid shutdown Aug. 5 (11 p.m. to Aug. 6, 6 a.m.) tied to the FEMA-funded Feeder 13 Bypass Project—raising fresh concerns for businesses and residents. Crime & Safety: VIPD Burglary Unit arrested three men in separate St. Croix commercial break-ins, including Cheeseburger in Paradise and a service station, with charges filed in Superior Court. Local Business Support: The Department of Trade opened a Virgin Gorda Satellite Office to bring trade licensing, National Business Bureau support, and consumer affairs services closer to the sister islands. Offshore Finance Growth: Mourant, a BVI-focused legal and governance firm, took on private equity backing to expand tech, talent, and global reach. Weather Watch: Heat Advisory hits St. Croix and St. Thomas as Saharan dust clears, with fire danger staying high due to dry conditions. Workforce & Skills: Ocean Point Terminals welcomed 15 students for its summer internship program, including a new placement via the VI Legislature’s initiative.

USVI & BVI Legal/Business: The Virgin Islands Supreme Court struck off former NSSA boss Robin Vela’s appeal bid in a debt dispute involving Al Shams Global Limited, after ruling the filing was irregular because the lawyers lacked authority. Antitrust/Health Costs: A coalition of 43 U.S. attorneys general announced a $400 million settlement in principle with generic drugmaker Sandoz over alleged price-fixing and reduced competition; if approved, Sandoz would pay about $469 million, with reforms required. BVI Public Finance: Premier Natalio Wheatley ordered multiple investigations into an unauthorized government investment in Delta Capital Partners Limited, citing a breach of the Public Finance Management Act and directing criminal and internal audit probes plus efforts to recover funds. Power & Reliability: WAPA says a planned overnight grid shutdown will plunge parts of St. Thomas and all of St. John into darkness to support the Feeder 13 Bypass project. Security & Crime Prevention: VIPD urged residents and businesses to register security cameras through its Community Connect registry, with options for real-time access during active incidents. Local Courts/Property Crime: A St. Croix man, David Jakubens, was arrested and charged after an alleged break-in at a Castle Coakley service station. Trade & Business Services: The Department of Trade opened a Virgin Gorda satellite office to bring licensing and consumer support closer to the sister islands. Workforce Pipeline: Ocean Point Terminals welcomed 15 students for its summer internship program, including a new placement via a V.I. Legislature initiative. Tourism/Environment: Seaweed (sargassum) is blanketing Caribbean and Gulf coastlines, with scientists warning it may be entering a self-sustaining cycle—bad news for tourism-dependent economies.

Antitrust & Consumer Protection: Attorney General William Tong led a coalition of 43 states and territories announcing a $400 million settlement in principle with Sandoz over alleged conspiracies to inflate prices and limit competition, with total payments to state enforcers expected at about $469 million if approved. BVI Governance & Public Funds: BVI Premier Dr. Natalio Wheatley ordered multiple investigations into an unauthorised Delta Capital Partners investment, citing a breach of the Public Finance Management Act and directing criminal, internal audit, and fund-recovery efforts. Power & Business Continuity: WAPA says a planned overnight grid shutdown will plunge parts of St. Thomas and all of St. John into darkness Aug. 5, tied to the FEMA-funded Feeder 13 Bypass Project. Public Safety & Local Tech: VIPD is urging residents and businesses to register security cameras under its Community Connect registry, with optional real-time access for integrated systems during incidents. Trade & Licensing Access (BVI): The Department of Trade opened a Virgin Gorda Satellite Office to bring trade licences, National Business Bureau support, and consumer services closer to sister-island residents. Ports & Costs (BVI): BVIPA’s temporary port fee reductions ended July 31, with standard wharfage and container handling charges reinstated Aug. 1. Workforce Development: Ocean Point Terminals welcomed 15 students for its summer internship program, including placements via a new partnership with the VI Legislature’s internship initiative. Housing/Legal Risk (USVI): A local report highlights how “squatter by permission” scenarios can turn a permissive tenant situation into felony exposure for property owners. Tourism Incentives: Windstar Cruises launched a limited-time offer with an all-inclusive upgrade worth $1,300+ on select yacht voyages through 2027. Environment: New reporting warns sargassum is becoming self-sustaining in the Caribbean and Gulf, threatening beaches, marine life, and tourism.

Public Procurement: The Virgin Islands Economic Development Authority (USVIEDA) is inviting sealed bids for the William D. Roebuck Industrial Park lift station renovation on St. Croix (IFB# 2026-01 EDPC). Questions are due Aug. 17 and bids close Aug. 31, with public bid opening Sept. 2. Sister-Island Trade Access: The Department of Trade, Investment Promotion and Consumer Affairs opened a Virgin Gorda Satellite Office to bring trade licence processing and consumer affairs support closer to Anegada and Jost van Dyke. Public Finance Accountability: BVI Premier Natalio Wheatley ordered multiple investigations into an unauthorized Delta Capital Partners investment, citing a breach of the Public Finance Management Act and directing criminal, internal audit, and recovery actions. Port Costs Reset: BVIPA’s temporary reduction in select port fees ended July 31; standard wharfage and container handling charges return Aug. 1. Marine Sector Skills: A marine workshop in Tortola pushed the idea that charter and wider marine career pathways should start in high school, not after graduation. Tourism & Environment Watch: New reporting says sargassum is blanketing Caribbean and Gulf coastlines, with scientists calling it “not normal,” raising pressure on tourism-dependent economies.

Trade & Business Support: The Department of Trade, Investment Promotion and Consumer Affairs opened a Virgin Gorda Satellite Office under the Sister Island Outreach Programme, aiming to cut travel burdens by handling trade licences, National Business Bureau support, and consumer affairs services. Public Finance Accountability: Premier Natalio Wheatley ordered multiple investigations into an unauthorized Delta Capital Partners investment, citing breaches of the Public Finance Management Act and directing criminal, internal audit, and recovery actions. Pension Relief: VI pensioners (retired 2023 or earlier) will receive a 2.57% COLA plus a $460.44 monthly Minimum Expenditure Basket allowance, with arrears from January–June 2026 and new payment timing starting end of August. Ports & Costs: BVIPA’s temporary port fee reductions ended July 31, with standard wharfage and container handling fees reinstated from Aug. 1. Marine & Tourism Pressure: Seaweed sargassum is blanketing Caribbean and Gulf coastlines, with scientists warning this year’s growth pattern is “not normal,” raising risks for tourism-dependent economies. Crime & Community Trust: RVIPF said the Kai de Castro victim was not wearing a bullet-resistant vest, as police continue probing the second VI murder of 2026. Workforce Pipeline: A marine industry workshop in Tortola urged career pathways starting in high school to build early experience for the charter and wider marine sector.

USVI Politics: Congresswoman Stacey E. Plaskett and Tortola-born Milton E. Potter win the Democratic primary, with unofficial vote tallies showing Plaskett/Potter leading and a likely November path to make history. BVI Finance Accountability: Premier Natalio Wheatley says government investment portfolios grew overall, but orders multiple investigations into an unauthorised $2.4m Delta Capital Partners investment made without required approvals. Port Costs: BVI Ports Authority ends its temporary port-fee reductions (wharfage back to 1%–2%; container handling back to $150–$300 per TEU) effective Aug. 1. Pensions Relief: VI pensioners get a 2.57% COLA plus a $460.44 monthly Minimum Expenditure Basket allowance, with arrears from Jan–June 2026 and payments starting Aug. 31. Marine & Tourism Pressure: Seaweed/sargassum blankets Caribbean and Gulf coastlines, with scientists warning this year’s growth pattern is “not normal,” threatening tourism-dependent economies. Marine Jobs Pipeline: A marine workshop in Tortola urges career pathways into yachting and the wider marine sector to start in high school, not after graduation. Local Crime & Public Trust: Police comment on two 2026 murders and a separate public debate over “two-tiered justice,” keeping community pressure on investigations. Business & Deals: ATIF Holdings signs an agreement to acquire BVI-based GoldCoin Labs in a $20m all-share deal.

Government Finance: Premier Natalio Wheatley says the VI government’s investment portfolios grew by US$2.89M from 2021–2026, while addressing a US$2.4M Delta Capital Partners investment made without required ministerial approval. Public Accountability: Wheatley ordered investigations by the Financial Investigation Agency and Internal Audit, and says recovery efforts are underway if funds can be recovered. Port Costs: BVIPA’s temporary port fee reductions ended July 31; wharfage and container handling fees return to standard rates effective Aug. 1. Cost of Living Support: VI pensioners will receive a 2.57% COLA plus a $460.44 monthly Minimum Expenditure Basket allowance, with new payments starting Aug. 31 and arrears later. Safety & Crime: Acting Interim CoP Richard Ullger urged public help as police press to solve two 2026 murders, calling each death “one life too many.” Marine Jobs Pipeline: A marine workshop in Tortola urged students to start career pathways in high school to build experience for the charter and wider marine sector. Tourism Demand Signals: New CTO data points to strong cruise growth, with the USVI, Puerto Rico and the BVI among the fastest-growing destinations. Contraband Watch: Customs intercepted suspected cannabis at the Road Town Ferry Dock (about 80g reported), with no arrests announced yet. Local Politics: Opposition Leader Marlon Penn criticized East End delays and called for more equitable development through RDA reforms. Elections: Levor A.H. Lettsome entered the VI general election as an at-large candidate under the Virgin Islands Innovative Association. Marine Environment: Seaweed sargassum is smothering beaches across the Caribbean and Gulf of Mexico, raising concerns for tourism and marine life.

Public Finance Accountability: Premier Natalio Wheatley ordered investigations after saying an unauthorised $2.4M Delta Capital Partners investment in 2025 breached the Public Finance Management Act and was made without his approval, with recovery efforts and probes by the Financial Investigation Agency and Internal Audit underway. Port & Trade Costs: The BVI Ports Authority ended its temporary 35th Anniversary fee reductions effective Aug. 1, with wharfage rising from 1% to 2% and container handling fees returning from $150 to $300 per TEU. Government Contracts & Accessibility: TMB Enterprises won a $798,108.74 RDA-backed contract to rebuild deteriorating De Castro Street sidewalks in Road Town, including ADA-compliant concrete walkways, drainage, landscaping, and traffic management. Local Governance & Development: Opposition Leader Marlon Penn renewed criticism of East End neglect during House debate on the RDA amendment bill, citing long-running Ridge Road/Little Dix Hill works and uneven project focus. Elections & Public Service: Levor A.H. Lettsome filed as an at-large candidate under the Virgin Islands Innovative Association, framing his run around accountability and transparency. Customs & Contraband: Customs intercepted a package of suspected cannabis (about 80 grams) at the Road Town Ferry Dock, with no arrests announced yet. Tourism Pulse: New CTO data shows the US Virgin Islands, Puerto Rico, and the British Virgin Islands are among the fastest-growing cruise destinations, with the USVI up 68% in Q1. Environment & Tourism Risk: A new report warns sargassum is smothering Caribbean and Gulf coastlines, with scientists saying this year’s growth pattern is “none of this is normal,” raising pressure on beach tourism.

Public Finance Accountability: Premier Wheatley says $2.4 million was invested in Delta Capital Partners in 2025 without required approval under the Public Finance Management Act, and investigations are ongoing to prevent repeat breaches. BVI Business & Finance: The BVI High Court approved a Bank of Asia (BVI) liquidation asset sale tied to Soulpower Acquisition and SWB Holdings, with banking licensing and deposit protection steps still ahead. Corporate Dealmaking: ATIF Holdings signed a definitive agreement to acquire GoldCoin Labs, a BVI company, in an all-share deal valued at $20 million. Trade & Tech: JustMarkets launched a browser-based Web Terminal for MT5 accounts, letting clients trade directly without downloads. Security & Ports: Customs intercepted a package at the Road Town Ferry Dock containing about 80 grams of suspected cannabis, with no arrests announced. Community & Safety: Opposition Leader Marlon Penn accused the government of neglecting the East End while pushing projects elsewhere, citing long-running road works at Little Dix Hill. Gun Violence Condemnations: The BVICOC and NDP renewed calls to end gun violence after the killing of businessman Kai de Castro, urging unity and support for police investigations. Health Alert: FDA issued a nationwide Class II recall for certain Levothyroxine sodium tablets due to subpotency concerns. Energy Resilience (USVI): The territory is expanding a virtual power plant approach that links home solar and batteries to help stabilize the grid after Irma.

BVI Court & Banking Deal: Soulpower Acquisition Corp. says the BVI High Court has approved the Bank of Asia (BVI) liquidation asset sale tied to its proposed transaction with SWB Holdings, with remaining conditions including SWB’s banking license review by the BVI FSC and deposit protection approval by VIDIC. Cannabis Compliance: Virgin Islands regulators say intoxicating hemp sales are still illegal as compliance checks begin and a licensing system is drafted, with the Cannabis Advisory Board reviewing rules that define intoxicating products broadly (including certain THCA/THC and synthesized cannabinoids). Social Housing in VG: The VI government has signed a contract for a new social home for the Leonard family in Virgin Gorda, with officials framing it as a long-awaited project tied to the late entrepreneur and fisherman Oliver Leonard. Gun Violence & Business Community: BVI business groups and the NDP renewed calls to reject gun violence after the killing of businessman Kai de Castro, with condolences and renewed pressure for accountability. Infrastructure Finance Push (BVI): Premier Natalio Wheatley says the VI is seeking greater access to concessional CDB financing, including talks on airport runway extension funding and increased participation in the CDB Special Development Fund. Port & Cruise Economics (USVI): WICO says St. Thomas needs dredging to handle larger cruise ships safely, with work slated to start in September 2026 and finish mid-2027. Energy Resilience (USVI): After Irma, the territory is moving toward a virtual power plant model that links home solar and batteries to stabilize the grid faster during outages. Public Safety Tech: Attorneys general are urging the FCC to strengthen “Know Your Customer” rules to curb illegal robocalls.

Social Housing Contract: The VI government has signed a contract for a new social home for the Leonard family in Virgin Gorda, with Premier and Finance Minister Natalio D. Wheatley praising the push to support vulnerable residents. Local Business Tragedy: British Virgin Islands Chamber of Commerce and local leaders mourn the murder of entrepreneur Kai de Castro, owner of Main Street Restaurant, as police continue investigating the Brewers Bay killing. Cruise Growth Plan (St. Thomas): WICO says St. Thomas can’t fully capture the biggest cruise ships yet due to channel depth; dredging is set to start in September 2026 to improve access and boost vessel calls. Energy Resilience (USVI): After Hurricane Irma, the USVI is turning home solar and batteries into a virtual power plant to stabilize the grid faster during outages. Trade Pressure & Relief: The BVI Chamber of Commerce urges government to extend temporary business and cost-of-living relief measures to year-end, citing higher oil, shipping, and landed-cost increases. SEC/Finance Talent: Eric Bustillo, former SEC Miami Regional Office director, joins Fridman Fels & Soto as a partner, signaling continued focus on securities enforcement and investigations. Public Health Recall: FDA issued a Class II recall for certain lots of levothyroxine sodium tablets after subpotency potency failures. Consumer Safety Policy: Attorneys general are pressing the FCC to strengthen “Know Your Customer” rules to curb illegal robocalls and related scams. Lottery Watch: Powerball climbs to $707M for Saturday’s drawing after Wednesday’s numbers produced no big winner.