The KwaZulu-Natal provincial government says it has finally made a breakthrough in the Ithala Bank matter, and as a result, the 223 166 clients of the historic bank will, in the coming days, access their monies. The money, which is slightly above R2 billion, was frozen when the Prudential Authority, a division of the South… Continue reading Ithala Bank Clients to Access Their Money Before Christmas
Tag: Prudential Authority (PA)
IFP Fighting to Save Ithala Bank, says Shutting Down the Bank would Affect the Poor
The Inkatha Freedom Party (IFP) has become the latest political party to join the fight to save the historic Ithala Bank from being liquidated by the Prudential Authority (PA), the division of the South African Reserve Bank (SARB) that oversees banks in the country. Today, February 24, the party organised a march in central Durban… Continue reading IFP Fighting to Save Ithala Bank, says Shutting Down the Bank would Affect the Poor
Zulu King Blames ‘Third Force of a Political Party’ for Ithala Bank Liquidation and Ingonyama Trust Turmoil
King Misuzulu KaZwelithini has pointed fingers at an unnamed political party, claiming that it is behind the Pietermaritzburg High Court bid to liquidate the historic Ithala Bank and the turmoil within Ingonyama Trust. He claimed some politicians wanted the bank closed to avoid repaying huge sums they owe in loans, just as the VBS Bank… Continue reading Zulu King Blames ‘Third Force of a Political Party’ for Ithala Bank Liquidation and Ingonyama Trust Turmoil
EXCLUSIVE: Prudential Authority tells Pietermaritzburg High Court Ithala has Inadequate Money to Refund Clients in Case of Emergency
The 429 page long court papers of the Prudential Authority (PA), which is seeking to liquidate Ithala Bank, has dismissed claims made in public by the latter that it is solvent. In an affidavit filed by the CEO of the PA, Nomfundo Tshazibana for the Pietermaritzburg High Court, she said in October 2024, Ithala Bank… Continue reading EXCLUSIVE: Prudential Authority tells Pietermaritzburg High Court Ithala has Inadequate Money to Refund Clients in Case of Emergency
AMCU Supports Ithala Bank’s Battle for Survival, Accuses SARB of ‘Hidden Agendas’
The Association of Mineworkers and Construction Union (AMCU) has thrown its weight behind the embattled Ithala Bank as the Prudential Authority (PA) presses on with its Pietermaritzburg High Court application to have the historic KwaZulu-Natal financial institution liquidated. In a statement, AMCU President, Joseph Mathunjwa said it looks like underlying political and commercial interests are… Continue reading AMCU Supports Ithala Bank’s Battle for Survival, Accuses SARB of ‘Hidden Agendas’
SIU Authorised to Probe Ithala Bank and Associated State Owned Companies in KwaZulu-Natal
The Special Investigating Unit (SIU) has been quietly authorised to probe allegations of wrongdoing at Ithala Development Finance Corporation and its wholly owned subsidiary, Ithala (SOC) Limited (Ithala Bank). This is outlined in Proclamation 243 of 2025 which was signed by President Cyril Ramaphosa on Friday, setting the investigation in motion immediately. Ithala Bank is… Continue reading SIU Authorised to Probe Ithala Bank and Associated State Owned Companies in KwaZulu-Natal
Devastation as Hundreds of Ithala Bank Staff Go Unpaid in January
Hundreds of Ithala Bank employees in KwaZulu-Natal face financial hardship and the risk of defaulting on monthly payments after Repayment Administrator (RA) Johannes Kruger, who was appointed by the Prudential Authority (PA) to oversee the bank’s affairs, failed to pay their salaries. Kruger assumed control pending an application in the Pietermaritzburg High Court to have… Continue reading Devastation as Hundreds of Ithala Bank Staff Go Unpaid in January
Finance Minister asks Big Banks to Open Accounts for Ithala Clients to Facilitate Social Grants Payments amid Liquidation Battle with Prudential Authority
Finance Minister Enock Godongwana has asked South Africa’s big banks to open accounts for social grant recipients who are currently banking with Ithala Bank so they could continue to get paid while the historic KwaZulu-Natal state owned institution tries to fend off a liquidation application by the Prudential Authority (PA). This is according to Godongwana’s… Continue reading Finance Minister asks Big Banks to Open Accounts for Ithala Clients to Facilitate Social Grants Payments amid Liquidation Battle with Prudential Authority
Ithala Slams Prudential Authority’s Court Application To Have It Provisionally Liquidated
Ithala SOC Limited (Ithala Bank), the historic financial institution founded by the KwaZulu homeland government to fund black entrepreneurs during the apartheid era, has slammed the Prudential Authority (PA) ‘s application to have it under provisional liquidation. The PA is a division of the South African Reserve Bank (SARB) that oversees the operations and compliance… Continue reading Ithala Slams Prudential Authority’s Court Application To Have It Provisionally Liquidated
Capitec Bank Fined R56 Million For Failing To Comply With FICA Regulations
The Prudential Authority (PA), an entity of the South African Reserve Bank tasked with monitoring banks, has fined Capitec Bank R56 million for failing to comply with some provisions of the Financial Intelligence Centre Act (FICA), mainly enacted to prevent money laundering. The PA accused the bank of failing to comply with certain provisions of… Continue reading Capitec Bank Fined R56 Million For Failing To Comply With FICA Regulations