Supreme Court dismisses claim by the Pacific International Commercial Bank
Radio & TV Tonga, Nuku’alofa ,6/07/2018
The Supreme Court in Nuku’alofa has dismissed claim by the Pacific International Commercial Bank over the revocation of its banking license.
The National Reserve Bank of Tonga revoked PICB’s banking license in July 2016, under the Financial Institution Act 2004.
Lord Chief Justice Paulsen dismissed PICB’s claim on July 5th, 2018.
In a court document it says, the notice of revocation set out specific grounds for the NRBT to revoke PICB’S license.
This includes their failure to honour their business plan, its failure to have its accounts audited among others.
Supreme Court also ordered to remove the word “Bank” from its name because Section 4 (1) of the Act provides that the word Bank shall be used only by a bank licenced under the Act.
PICB is no longer licensed under the Act but continues to use the word “bank” in its name.
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