Dr Andrew Wheatley rejects Integrity Commission's $164M illicit enrichment claim, says rental income was ignored

Cabinet Minister Dr Andrew Wheatley says the Integrity Commission's claim that he has $164 million in unexplained wealth is "patently false" — and he's got the rental receipts to prove it.

The minister without portfolio in the Office of the Prime Minister, responsible for science, technology and special projects, issued a fiery statement on Wednesday after the IC report was tabled in Parliament. The report examined his statutory declarations between 2010 and 2022 and recommended he be charged with illicit enrichment, among other offences.

Investigators said Wheatley acquired assets between 2013 and 2022 that couldn't be reconciled with his known lawful income, leaving a disparity of roughly $164 million. But Wheatley insists the director of investigations deliberately ignored $168 million in rental income he earned from his real estate business over the nine-year period.

"I strongly and categorically reject as patently false, grossly misleading and inaccurate the allegations by the Director of Investigations," Wheatley said in a statement. He added that it was "odd, unreasonable and unfair" that the director didn't take into account the rental income, which he says was lawfully accumulated and declared.

Wheatley, who's also the Member of Parliament for St Catherine South Central, said he provided the Integrity Commission with copies of lease agreements and bank account documentation showing the deposit of rental income. "If he required further evidence that this money was lawful rental income, he could have but didn't request what further evidence he required," Wheatley said.

The MP also pointed to $50 million in loans he repaid to financial institutions for his real estate business, which he says the director also failed to consider. That repayment, he argues, would have helped explain the alleged disparity.

"I am in a position to provide supporting evidence that I have lawfully acquired every dollar and every asset that I own. I intend to defend my reputation via the Court and am confident of a positive outcome."

On the matter of six apartments the IC claimed were undeclared gifts, Wheatley explained they came from a joint venture with a business partner. The initial 50/50 split was adjusted to 70/30 after he couldn't meet his obligations. His 30% share amounted to the proceeds from selling six units, but instead of taking cash, he had the properties transferred to him. The attorneys handling the deal labelled the transfer as a "gift" — a common practice in real estate, according to Wheatley.

"The Director of Investigations is apparently not aware that, in the real estate industry, such a transaction is not an unusual commercial arrangement which developers may lawfully enter into," he said.

Wheatley stressed that no allegation has been made that he benefited unlawfully from public funds. He's instructed his attorneys to "vigorously contest the inaccurate conclusions" in court.

This isn't the first time the Integrity Commission has gone after a sitting politician. The IC, established in 2017 to investigate corruption and asset declarations, has a history of high-profile referrals — though few have resulted in convictions. Wheatley's case now heads to the courts, where he says he'll provide evidence for every dollar and asset he owns.