Ithala clients to access funds soon
Depositors will begin accessing their funds before Christmas.
The current challenges faced by Ithala SOC Limited was caused by the previous administration. That is according to the KwaZulu-Natal Provincial Government.
This transpired at a media briefing last Monday, aimed at giving an update on the Ithala saga, held at Premier’s Thami Ntuli’s office.
Ithala suspended its operations in January after a liquidation application by the South African Reserve Bank’s Prudential Authority, after the national government said it could no longer function due to it having no money.
Giving an update on the matter were Premier Thami Ntuli, MEC of Finance Francois Rodgers and MEC for Economic Development Tourism and Environmental Affairs Musa Zondi.
This briefing follows months of intensive inter-governmental engagements involving the Office of the President, National Treasury and the KwaZulu-Natal Provincial Government.
Ntuli announced a breakthrough in resolving the challenges affecting Ithala, confirming that depositors will begin accessing their funds before Christmas.
Detailed public instructions will be issued on: when and where funds can be collected, which branches and service points will operate, required documents for verification, support for vulnerable or elderly depositors to ensure accessibility, communication will be in isiZulu and English. Information will be distributed through branches, community radio, traditional leadership structures, government platforms and social media.
However, he also cautioned depositors to beware of scammers, saying: “No official is authorised to request any fee to release funds. This process will be fully transparent, lawful and people-centred.”
He expressed deep regret for the distress experienced by families and businesses during the period of uncertainty, acknowledging the human impact: delayed rent and school fees, halted business operations and immense financial strain.
“With the agreements now concluded, we move decisively into the operational phase,” he said.
Rodgers, said: “Ithala’s challenges were inherited from the previous administration. However, the Government of Provincial Unity has consistently demonstrated care to all depositors of Ithala.”
“Our intervention included successful litigation against the Repayment Administrator who overreached in his role and thus negatively affected operations at Ithala.”
A long-term repositioning strategy for Ithala is being finalised to strengthen governance, stabilise capital structures and reinforce its developmental mandate.
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