EDITOR – Claims that Ithala Development bank exists purely as a money-lending organisation for the politically connected can no longer be ignored. Nor can ongoing speculation that Ithala’s generosity is directly linked to kick-backs to the ANC in KwaZulu-Natal.
This, after recent media reports confirmed that despite a maximum loan amount of R10 million, the Ithala Board handed over R83 million for the Dolphin Whispers development, without surety from the majority shareholder, believed to be an agent for Durban businessman, Jay Singh.
This was in direct contravention of the development bank’s standard operating procedures. A subsequent audit report has also revealed serious allegations against Board members, including conflict of interest and collusion.
KZN Economic Development MEC, Mike Mabuyakhulu can no longer remain silent. He must act and dismiss the entire Ithala Board.
Johann Krog, MPP
DA KZN Spokesperson on ECOD
