Tonga Development Bank (TDB) released a statement in response to recent directives issued by the Governor of the Reserve Bank of Tonga. The directives, dated 17 May 2024, sparked concerns among TDB’s stakeholders, prompting the bank to seek legal recourse.
In the media release, TDB declared the Governor’s directives to be unlawful and confirmed that the bank has sought a judicial review of the directives. The court has granted permission for this review, a positive step for TDB.
The court further imposed an injunction preventing the Governor and the National Reserve Bank of Tonga from sharing further information about these directives with the media or other third parties for confidentiality and to prevent undue influence or public speculation during the ongoing legal proceedings.
The TDB emphasised that all public communications are accurate and fair to all parties involved maintain a commitment to uphold high standards of financial management and transparency.
Last month, the police searched the TDB premises for allegedly breaching the Banking Act.
