Office Of The Deputy Prime Minister

Government Of The Cook Islands

Office Of The Deputy Prime Minister

MEDIA RELEASE

7th April 2009

In response to comments by WSBC, Deputy Prime Minister and Minister of Finance Sir Terepai Maoate says he’s pleased to see confirmation that WSBC Bank is leaving the Cook Islands.

“After close to five years, my Government will now turn its efforts and attention to the positive promotion of our offshore industry, which will in turn help grow our economy."

Sir Terepai said the reasons for the Financial Supervisory Commission revoking WSBC's banking licence remain subject to secrecy orders imposed by the High Court.

These cannot be publicly revealed until the Bank has actually left the Cook Islands.

However Sir Terepai said he wished to make reference to the statement by the Bank, “WSBC says in agreeing to transfer, it has saved the Cook Islands the huge expense of a court fight which the bank would have won.”

“This confirms to me that WSBC was prepared to prolong a legal battle that’s already taken five years and has been very expensive for our country. I believe that the government made the right decisions in every instance and by cutting off continuing litigation saves our country a lot of money.”

Sir Terepai says now efforts and funds can be channeled into building the offshore industry – “which is what the country needs.”

ENDS

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