The new king of Tonga, King George Tupou V today announced that he will dispose of all his commercial interests in the kingdom.

In a statement this afternoon, the Office of the Lord Chamberlain said that this was, "in conformity with the obligations and demands of his high office."

"Arrangements for the divestment of his holdings in the Shoreline Power companies are near completion. The sales of the rest of His Majesty's interests will follow as soon as suitable shareholding arrangments can be made."

The King's business acquisitions go back to the 1990s. When he retired from the civil service in 1998 as Crown Prince he became more involved in business, particularly in telecommunications and in power generation. However, his business ventures have over the years been controversial and his critics maintain that as Crown Prince he abused his royal privilege to get business advantages.