Court dismisses claim by "unsafe and unsound" bank

The Supreme Court of Tonga has upheld a decision of the National Reserve Bank of Tonga to revoke the banking licence of the Pacific International Commercial Bank Ltd. Lord Chief Justice O. G. Paulsen in the Supreme Court of Tonga, on 5 July 2018 dismissed a claim by the PICB bank whose shareholders include HRH Princess Pilolevu. The bank's reported accumulated losses exceeded TOP$4.5million, causing reserve bank concerns that PICB was conducting unsafe and unsound banking operations.