The National Reserve Bank of Tonga (NRBT) announced that Lord Chief Justice Bishop has issued a court order setting aside the default judgment that had awarded Tonga Development Bank (TDB) and two other plaintiffs damages of about $30 million against the NRBT and Governor Moeaki, as well as three journalists. The ruling was made on January 27, 2025. In its release, the NRBT also reiterated that it is pursuing enhanced prudential supervision of all licensed banks and other financial institutions to mitigate credit and other identified risks and protect depositors’ funds.
National Reserve Bank of Tonga 2025-01-29
National Reserve Bank of Tonga has default judgment in TDB damages case set aside by Lord Chief Justice Bishop
The National Reserve Bank of Tonga announced that a court order has set aside a default judgment awarding Tonga Development Bank and others approximately 30 million USD against the NRBT and Governor Moeaki. The NRBT is also enhancing prudential supervision of licensed banks to mitigate risks and protect depositors' funds.