Tongan company applies to have bank liquidated

On January 30 Kaniva News published a story which said that the Pacific Commercial Bank Ltd had gone into liquidation.

This was incorrect and we apologise for this error and any embarrassment or distress it may have caused.

In fact an application had been placed before the Tongan Supreme Court to hear a case brought by Nukuʻalofa Investment Ltd for liquidating the bank.

We expect to publish full details of Nukuʻalofa Investment Ltd’s application next week.

The Pacific International Commercial Bank was established after the Princess led a delegation of Tongan business agents to China in 2010 and began operating on April 7, 2014. It was officially opened in Nuku’alofa by His Majesty King Tupou VI.

Chinese millionaire Mr Jianhua Hu promised the bank would help boost the country’s economy and brings more overseas investors to Tonga.

At the time the bank promised it would set its interest rates at six percent, the lowest rate in the kingdom.

A number of sources, including International Banker have described Princess Pilolevu and Jianhua Hu as major shareholders of the bank.

However, Kaniva News has been informed by a spokesman for the Princess that she holds only eight percent of the shares in the bank.

According to the Tongan Business Registry and other sources, the Princess was a director of the bank until April 8, 2013.

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