Reserve Bank board members worried by possible conflict of interest with finance company tied to Lord Sevele

Reliable sources have told Kaniva News that members of the National Reserve Bank of Tonga’s board queried possible conflicts of interest if Lord Sevele was appointed to the country’s most important financial institution.

As Kaniva News has reported over the past few days, Minister for Finance Tatafu Moeaki wrote to the board reassuring them that Lord Sevele would “manage any perceived conflict of interest on his part and any other members of the board.”

It is understood the board had queried the Minister over Lord Sevele’s appointment because Lord Sevele owned Rowena Financial Services.

This company’s services included money transfer and this appears to be a direct conflict of interest with Sevele’s role.

The National Reserve Bank of Tonga Act says:

“No director shall act as a delegate of any agricultural, commercial, financial, industrial, professional or other interest, or receive or accept directions therefrom in respect of duties to be performed under this Act or by virtue of such capacity under any other Act.

“All directors shall fully disclose to the Board . . . .  any agricultural, commercial, financial, industrial, professional or other interests with which they or any person with whom they have personal, family, business or financial relations may at any time be directly or indirectly connected and shall refrain from voting on any matter related thereto which becomes the subject of Board action.”

Rowena Financial Services is registered with the Tonga Business Registry. The director is Lord Sevele’s wife Ainise and the shareholder is their daughter Marianne Rowena Tohi. The shareholder was changed from Feleti Sevele, who is Lord Sevele, on 22 July 2020.

Several other corporate entities listed on the Business Registry appear to be tied to Lord Sevele either directly or through family directorships and shareholdings. Not all of these appear to be still functioning.

These include Molisi Tonga Ltd, Sevele Education Foundation, Tonga Travel and Tour Ltd and Citywide Tech Tonga Ltd.

Kaniva News  makes no imputations as to the legality of these company’s arrangements.

A leading Tongan figure has expressed concern that apart of a conflict of interest with the Reserve Bank, potential conflicts of interest may also exist with Lord Sevele’s other positions.

Our source suggested that a conflict of interest may arise when a person who is a Lord and an advisor to the king owns a  businesses that could benefit from royal or Privy Council decisions.

Chinese loan

One of the most serious concerns raised about Lord Sevele’s previous actions was his decision to borrow $118 million from China to rebuild Nuku’alofa after the 2006 riots.

The amount borrowed was later criticised as being too much and it was claimed by some economic analysts that the damage to Nuku’allofa could have been rebuilt with for a few million.

When Lord Sevele was questioned about this by the Tonga Broadcasting Commission, he said he thought China would turn the loan into a grant, an idea China rejected despite many requests.

Businesses whose property was destroyed in the riots were allowed to borrow from the loan. It was later reported that some of them refused to pay back the money they owed because they thought that China would one day turn the loan into a grant.

Much of the loan money was used to renew the royal palace in Nuku’alofa, even though it was not affected by the 2006 riots. The Vuna wharf, which was not affected by the riots, was also funded from the loans.

Lord Sevele’s company, Molisi Tonga also benefitted from the loan, which had not been approved by Parliament.

The Minister of Finance was contacted for comment. Lord Sevele ‘O Vailahi could not be reached for comment.

https://www.businessregistries.gov.to/tonga-companies/viewInstance/view.html?id=96f72855028835040a4b6049f18a01ad7bc383fe8f0703a8#scrollTop


Football news:

<!DOCTYPE html>
Kane on Tuchel: A wonderful man, full of ideas. Thomas in person says what he thinks
Zarema about Kuziaev's 350,000 euros a year in Le Havre: Translate it into rubles - it's not that little. It is commendable that he left
Aleksandr Mostovoy on Wendel: Two months of walking around in the middle of nowhere and then coming back and dragging the team - that's top level
Sheffield United have bought Euro U21 champion Archer from Aston Villa for £18.5million
Alexander Medvedev on SKA: Without Gazprom, there would be no Zenit titles. There is a winning wave in the city. The next victory in the Gagarin Cup will be in the spring
Smolnikov ended his career at the age of 35. He became the Russian champion three times with Zenit

9:54 Continued delay in Cabinet appointments highlights shortcomings in democratic reform
6:35 Tropical Cyclone Lola develops into category 5 super storm
4:43 Family, kāinga say goodbye to Tongan man killed in Auckland motorway crash
11:07 Little re-affirms election promise to give some overstayers a chance to legalise their status
17:40 Companies sentenced after worker pressured to lie about accident
16:04 Minister of Health says ‘no substance’ in claims against PM made by anti-vaxxer doctor
4:21 Tributes flow to Tongatapu man allegedly killed by falling glass in shipping container
3:28 There’s been so many sinkholes in Auckland lately. Why?
3:10 Security guard detained after selling cannabis while police lying in wait
16:10 New Auckland train station set to open in 2025 will act as ‘front door’ to city, council says
12:40 This is the exact time, day and month of the year you’re most likely to die, according to science 
10:11 New aircraft might not arrive this month as planned amid claims Lulutai airlines operating ‘illegally and in secrecy’
10:11 New aircraft might not arrive this month as planned amid claims Lulutai airlines operating ‘illegally and in darkness’
10:11 New aircraft might not arrive this month as planned amid claims Lulutai airlines operating ‘unlawfully and in the darkness’
5:27 Man hospitalised after being shot by police on West Auckland motorway
10:07 Labour promises 6000 more state houses if re-elected
9:59 National to spend at least $30m to reverse speed limit changes if elected
9:48 Police end crime scene investigations over Ōtara and Māngere shootings
10:51 Tonga eruption caused fastest underwater flow – scientists
10:46 RWC2023: Fiji names strongest possible side for Wales clash
10:33 Taonga on display for Tongan Language Week
4:38 Powerful 6.8 magnitude quake in Morocco kills at least 296
3:59 Senior All Blacks not dwelling on World Cup ‘disappointment’
11:25 Critics pick on Speaker’s “not taking side” comment during vote of no confidence dispute in Parliament
1:06 New Vanuatu govt plans to remove parliament speaker
11:33 Opposition sues Speaker Lord Fakafanua after he blocks MPs from debating after vote of no confidence motions were read out
6:38 Tower launches Cyclone Response Cover pilot in Tonga
11:14 Tongan man accused of murdering paramedic officer in Sydney hit with more charges
5:14 Police seeking ‘dangerous’ Auckland man
11:15 COMMENTARY: Deputy PM Vaipulu has been deeply involved in domestic airlines’ continuing crises for past decade
1:20 Four arrested after person punched unconscious in Auckland robbery
21:24 SkyCity could face casino licence suspension after customer complaint
23:31 Groundbreaking ceremony for Tonga’s new dialysis centre
19:47 Two people have been shot – one in the head – following a fight on Auckland’s Queen Street last night.
1:03 Six arrested after multiple stolen vehicles tracked across Akl
0:03 Tongan young man dies of illness in Philippines hospital
16:49 PSC’s dismissal of Foreign Affairs Deputy Secretary was unlawful, Supreme Court rules
23:13 Convicted gov’t officer over meth import dies in prison
23:13 Senior Customs officer convicted over meth import dies in prison
21:52 COMMENTARY: Will Tongans ever be grateful for China and America’s   efforts to win friends in the islands?
19:47 Family: ‘A stranger emailed me saying he was my son’
19:45 New sinkhole causing more transport woes in Auckland
2:45 Viliami Paki jailed after sexually assaulting a child in Australia
17:53 All Blacks win Rugby Championship with MCG thumping of Wallabies
11:01 Piukala defends vote of no confidence, has backing of PTOA’s NZ and global branches
17:37 Kiwi, 77, caught with 2kg of heroin at Australian airport
11:00 Composer of song banned because it likens buying Princess Ashika to purchasing a ‘coffin’ reminisces about the tragedy
3:06 Serial sex offender David Falamoe jailed for sex attacks on young girls
11:56 PM dismisses Tonga’s $150m debt to China while Blinken criticises Beijing’s behaviour
6:05 Court rejects appeal against dismissal of bribery allegations, says claims unproven
4:55 Eddie Jones: Wallabies’ victory will ‘sink New Zealand economy’
4:07 Head Hunter jailed for life for murdering ex-girlfriend and father
16:31 Taumoepeau faces 25 charges with no bail after series of car burglaries in US
13:59 Police ‘do not believe’ Yanfei Bao is alive, homicide probe launched
3:22 Sinkhole forms on road near Auckland CBD police headquarters
2:21 Wild food court fight reported at Auckland’s Sylvia Park mall
2:21 Two Rebels gangmen arrested after wild food court fight at Sylvia Park mall
19:53 Mother searched how to cause child drug overdose before killing daughters
19:41 Kiri Allan charged with reckless driving and resisting arrest, resigns as Justice Minister, PM says
19:38 Petrol station blaze closes part of Auckland’s Great South Road
13:44 Tongan man reportedly shot during Auckland shooting as police named two men killed
0:09 US Secretary of State Antony Blinken to visit Tonga
23:00 Mele Ilafau Lenati Tupou sentenced to community work for assaulting Timaru woman
21:07 Notorious teen thief who stole $15000 from a Tongatapu vendor is jailed  
2:33 Lulutai cancels flights after aircraft hit by aircraft tug
10:34 Constructor tells of moment eight Tongan workers came close to gunman in Auckland shooting
10:34 Constructor tells of terrifying moment eight Tongan workers came close to gunman in Auckland shooting
1:05 Police Commissioner gives update on Auckland shooting that left three dead
1:05 Three dead in Auckland CBD shooting, including gunman, police confirm
17:32 Tongan returned seasonal worker killed in crash few days after arriving in Australia
11:02 Tongan scammer accused of sharing fake car importation videos to con victims in new twist
21:12 Mother ‘resentful’ of kids before she allegedly murdered them – Crown
12:04 Concern over incident at Kaufana airport grows as  government guarantees $10 million maintenance loan   
12:04 Concern over incident at Kaufana airport grows as  government guarantees $13 million maintenance loan   
23:04 Validus banned permanently from trading in New Zealand after High Court decision
11:48 Passengers terrified as Lulutai aircraft struggles to leave ‘Eua’s Kaufana airport
11:19 ‘It was a long earthquake, it wasn’t a jolt’
4:40 Driver rams police car before hitting tree in Auckland CBD
4:35 Four armed youths arrested after two Auckland robberies
2:45 COMMENTARY: Compassion and common sense key to Chris Hipkin’s response to question of overstayers
6:41 Northland could see 110kph winds, Auckland Harbour Bridge under alert
14:25 Parliament says Taione did not swear as row over alleged comments in House heats up
10:05 Rats tests still vital, but NZ gov’t needs to find alternative use for millions of expired tests
6:32 Blind man’s wife gets visa reprieve after facing deportation
12:05 Covid-19: Two children under 10 among 36 deaths, 7702 cases
10:02 Blind man’s wife facing deportation after INZ rejection
9:00 Speaker urged to punish MP Taione after alleged swearing at MP Piukala caught on mic
9:00 Speaker urged ‘to be fair’ and punish MP Taione after alleged swearing caught on mic
9:00 Speaker urged ‘to be fair’ and punish MP Taione after swearing caught on hot mic
9:00 Calls on Speaker to punish MP Taione after swearing caught on hot mic and after MP Piukala’s suspension
7:35 Fist-fight challenge in Tonga Parliament; MP Piveni Piukala suspended over ‘inappropriate behaviour’
6:17 Tongtapu woman charged for selling medication without licence
4:45 Convicted Vanuatu funds manager quits following public pressure
9:15 THS ex-students hold prayer vigil after former classmate died  after suffering  medical emergency behind the wheel
23:49 Man dies after police arrest at Auckland intersection
10:45 Fundraiser set up for Tongan father, son who died in US crash; two other sons survived
1:33 UN unaware of past sexual harassment allegations against Pacific rep
11:28 COMMENTARY: Uncertainty over future of overstayers troubles Tongans after Immigration Minister resigns
16:14  Tributes flow to man dies in Tongatapu crash after experiencing medical episode
10:55 Auckland housing growth puts water supply for firefighters at risk, FENZ says