The Tonga Police said in a statement today that it conducted a search at the Tonga Development Bank (TDB) last Friday, May 24th, in response to a complaint for an alleged breach of the Banking Act but have not disclosed specifics about the alleged breach, citing the need to protect the investigation’s integrity and fairness.
“This matter is under active investigation,” the police statement read, withholding further details.
This investigation is the latest twist in the ongoing TDB controversy. Recently, we reported that TDB CEO ‘Emeline Tuita and Board Chairman Peni Vea were allegedly suspended. This follows earlier speculation about TDB’s proposal to build a luxury center on royal land and a legal challenge from Cost Low Company against a Mortgage Notice issued by TDB.
The conflict dates back to a March 2023 meeting between Tuita and Charlotte Cocker Tu’i’ile’ila of Royco Group, discussing refinancing for Cost Low. Issues arose over a confidentiality breach concerning Cost Low’s banking affairs, leading to TDB issuing a Mortgage Notice in August.
TDB, however, released a statement yesterday, expressing regret over leaked confidential communications with the National Reserve Bank of Tonga (NRBT) and reassured customers of its financial stability. But public concerns persist as the NRBT Governor Tatafu Moeaki reportedly seeks to bar Tuita and Vea from office due to financial mismanagement concerns.
The unfolding investigation by the Police raises questions about governance and accountability within Tonga’s only locally owned bank.
