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The Tonga Development Bank (TDB) has issued a statement in response to a recent directive issued by the Governor of the Reserve Bank of Tonga. The directive, issued on May 17, 2024, has raised concerns among TDB stakeholders, prompting the bank to seek legal redress.
In a press release, TDB declared the Governor’s directive unlawful and confirmed that the bank had sought a judicial review of the directive. The court has granted this review, which is a positive move for TDB.
The court also granted an injunction prohibiting the Governor of the National Reserve Bank of Tonga and the bank from sharing further information about the directives with the media or other third parties in order to preserve confidentiality and prevent undue influence or public speculation during the ongoing legal proceedings.
TDB emphasizes that all public communications are accurate and fair and that it is committed to maintaining high standards of financial management and transparency with all stakeholders.
last month, Police searched TDB Premises suspected of violating the Banking Act.
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