Mail & Guardian
Mail & Guardian

Ithala Soc

latest news & developments
Ithala SOC has R300 million ring-fenced in the provincial revenue fund that can be used by the bank to secure deposits — as required by the South African Reserve Bank’s Prudential Authority — the KwaZulu-Natal treasury has said in court papers
BANKS ACT SOUTH AFRICA

Ithala has R300 million ring-fenced to secure deposits, says KZN treasury

The bank does not have a solvency and liquidation problem, according to the department head

  • Des Erasmus
6 min read
Ithala’s provisional liquidation may result in the closure of 257 000 depositors’ accounts while legal proceedings are under way. (Photo: Ithala)
BANKS ACT

Ithala Bank wins court battle – and control of its finances and operations

The judge says the bank is not a Ponzi scheme and cannot be stripped of it non-banking powers

  • Paddy Harper
4 min read
Ithala’s provisional liquidation may result in the closure of 257 000 depositors’ accounts while legal proceedings are under way. (Photo: Ithala)
BANKING LICENCE

Ithala’s chief executive wants policy intervention for the ‘financially sound’ institution

KwaZulu-Natal economic development MEC Musa Zondi said the ‘crisis’ at the finance institution, which had its licence suspended last week, was being addressed with urgency

  • Des Erasmus
6 min read