The Financial Institutions Commission (FIC) is mandated by the Financial Institutions Act (FIA) to protect and ensure the integrity and confidence in the financial sector of the Republic of Palau. The Governing Board of the FIC has resolved to end its relationship with Mr. G. Semdiu Decherong and has further resolved to appoint Mr. Cjay Shiro, Junior Bank Examiner, as Interim Executive Commissioner, effective immediately, until further notice.

The Financial Institutions Commission shall continue its work without interruption and shall ensure the protection and integrity of, and confidence in, the financial sector of the Republic of Palau.

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