Ithala resumes operations – but still can’t take deposits
Ithala has been cleared to resume core operations – excluding deposit-taking – while legal battles over its liquidation and frozen R2.47bn in deposits continue.
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R2bn Ithala guarantee sparks row over fiscal risk to KZN
The Minister of Finance’s bailout plan for Ithala’s retail depositors has drawn sharp criticism from KZN’s Finance MEC Francois Rodgers, who warns the deal’s fine print could leave the province footing a hefty bill.
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.
Godongwana reassures Ithala’s depositors with R2bn guarantee
The minister’s address to the FSCA conference also touched on regulation, South Africa’s G20 presidency, political tensions over the Budget, and economic growth.
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.
KZN Treasury’s R2.4bn loan request raises more questions than answers
As the KwaZulu-Natal government scrambles to keep Ithala afloat, its urgent request for a R2.4 billion loan from National Treasury sparks confusion – especially given an earlier government guarantee.
PA report contradicts Ithala and KZN Treasury’s solvency claims
A PA-commissioned solvency report questions Ithala’s financial health, raising concerns about its equity, loan book, and potential shortfall in repaying depositors.
SIU investigation into Ithala tender unrelated to liquidation bid
Meanwhile, MPs have questioned the SARB’s push to liquidate Ithala, arguing it conflicts with Parliament’s resolution to support the bank’s growth.
Treasury asks First National Bank to assist Ithala’s SASSA customers
Treasury and SASSA respond to an allegation that Ithala’s client database was ‘unlawfully’ transferred to FNB.
Ithala hits back: sharp criticism of Reserve Bank’s liquidation move
Ithala accuses the appointed repayment administrator of overstepping his authority, while the Prudential Authority moves to liquidate the entity.
How Ithala’s banking ambitions crumbled: the rise and fall of a rural icon
The Prudential Authority’s push for Ithala’s provisional liquidation has brought the bank’s journey to an abrupt halt, leaving 257 000 depositors in limbo.
