Ithala’s fate hangs in the balance amid legal battles and funding disputes
Ithala depositors remain locked out of their funds while disputes over frozen accounts, strategic alliances, and government guarantees deepen.
#depositors
Legal battle over Ithala’s future heats up as liquidation looms
The PA and the repayment administrator accuse Ithala of operating unlawfully – comparing its actions to a Ponzi scheme. Ithala argues the freezing of depositors’ accounts is a calculated manoeuvre designed to collapse its operations.
How SA’s insurance scheme for bank deposits will work
Secondary legislation is required for the Corporation for Deposit Insurance to become operational in 2024.
