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Vanuatu Reserve Bank Governor removed
By Online Editor
5:55 pm GMT+12, 29/04/2013, Vanuatu

The current issue of the Vanuatu Government gazette, has confirmed the sudden removal of Odo Tevi as Governor of the country’s Reserve Bank, reports the Vanuatu Daily Post.
 
Prior to the Kilman government collapsing, Tevi had been Governor for 10 years (two terms) with his second term ending on April 26. However on March 19, the then Prime Minister Sato Kilman renewed Tevi's contract for a second term for another five years.
 
The government gazette titled Revocation of Appointment of Odo Tevi as Governor of the Reserve Bank of Vanuatu, Noitce No 79 of 2013 signed by the Prime Minister, Moana Carcasses, states in part that “acting on the recommendation of the Minister of Finance and Economic Management, makes the following notice - that the appointment of Odo Tevi as Governor of the Reserve Bank of Vanuatu for a term of five years with effect on from Saturday, April 27, 2013 and executed at Port Vila on the 19th day of March 2013, is revoked.”
 
Robert Bohn MP when contacted by Daily Post for comment advised, "Odo Tevi had done a good job and was not sacked.
 
“He had completed ten years as Governor and it is not normal anywhere in the world to have someone in the position of Governor for 15 years so the current government made the decision to simply cancel the second renewal of his contract. No other reason."
 
He advised that the Reserve Bank board have voiced concerns over loans being given to staff with preferential low interest rates but said the previous board had approved it, so Tevi was not held responsible. He said that staff should not be getting loans from the Reserve Bank and should be able to easily get loans from commercial banks as they are pushing to give loans.
 
Meanwhile, the Leader of the Opposition, Ham Lini, has condemned the termination of Tevi as a critical mistake by the government. He labelled the move as a conflict of interest on the part of the government and retaliation for the sacking of former RBV director Tom Bayer.
 
“Tevi’s removal is very unhealthy for Vanuatu’s financial standing and the management of the Reserve Bank of Vanuatu is in danger and can lead to a possible run down of the bank,” Lini said. He added that former Governor Tevi should seek legal advice over his sacking.
 
“The management of Vanuatu’s stable fiscal policy was due very much to Tevi’s strict control,” Lini said adding that “Vanuatu’s import cover of 6.4 months as compared to 1994 when it stood at 1-and-a-half months import cover is testament to Odo Tevi’s prudent management skills.”
 
“The current Opposition block is demanding that the nation rise up to certain individuals who want to mishandle Vanuatu’s sovereignty through our already weak financial position,” Lini added.

The Office of the Prime Minister confirmed the removal of Governor Tevi saying that he should have received his letter of termination of employment Friday.

SOURCE: VANUATU DAILY POST/PACNEWS


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