Updated 4 June 2024: The National Reserve Bank of Tonga told Matangi Tonga Online on 4 June that they had not made a complaint to the police regarding the Tonga Development Bank, and that the allegation that they had been involved in the active police investigation was, “false, misleading and undermines the integrity and reputation of the NRBT.”
“As this is an active police investigation, we cannot comment on the case but we can confirm that it was not NRBT who laid the complaint,” stated Daniel Taumoepeau, the Assistant Governor- Policy, today.
Friday 31 May 2024 9:48pm:
Tonga Development Bank says it is taking legal action against Tonga Police following a police search of the bank's premises on Friday 24 May, where Police were acting on a complaint regarding an alleged breach of the Banking Act.
TDB Management, in an unsigned statement this afternoon, said “TDB has files legal proceedings against the Police on the basis TDB believes the warrant was obtained and executed unlawfully by the Police.”
“We have received grave concerns from our customers and the public at large regarding a search warrant executed on TDB on Friday 24 May 2024.
“We wish to assure our customers that your investments continue to be safe with TDB.
“TDB has dealt with this issue through the proper channels and in a professional manner to ensure Tonga’s only locally owned bank continues to serve the Kingdom and its people. Thank you for your continued trust and support.”
Tonga Police
Tonga Police confirmed that they conducted a search at the TDB on Friday, 24 May, while responding to a complaint regarding an alleged breach of the Banking Act at the TDB. The police released no further details.
National Reserve Bank of Tonga
Issuing its own statement tonight, the National Reserve Bank of Tonga, said, “One of the primary functions of the NRBT is to regulate and supervise banks and to ensure that they promote and conduct sound and safe banking practices....
“We play a crucial role in keeping our economy safe, and helping Tonga grow.
“We wish to assure the public that the NRBT remains committed to maintaining a strong and stable banking system in the country, stabilising the price of goods and services, managing our foreign reserves and exchange rates, for the benefit and safety of its customers and the Tongan economy.”
Concerns
Neither the TDB nor the NRBT have officially addressed public concerns over a reported move by NRBT Governor to sack the two top officials of the TDB last week. This was after radio and social media in Tonga had reported that the Governor sent the two officials a letter of concern about the TDB's management.
https://matangitonga.to/2024/05/28/police-search-tonga-development-bank-...
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4 June 2024 article updated: This article has been edited to correct the position of the National Reserve Bank of Tonga, in response to an article published on 31 May 2024 reporting the alleged involvement of the NRBT in the TDB active police investigation. - Editor
