KZN Premier to give update on Ithala bank debacle

KZN Premier Thami Ntuli is set to brief the media on the latest developments at Ithala Bank today (Wednesday).

This comes after last Friday’s Pietermaritzburg High Court ruling on the provincial government entity’s operations and the subsequent appeal bid by the Repayment Administrator in the matter involving the bank.

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In a statement on Tuesday, the provincial government said Premier Ntuli, accompanied by Finance MEC Francois Rodgers, Economic Development, Tourism and Environmental Affairs MEC Reverend Musa Zondi, and Ithala CEO Dr Thulani Vilakazi, will brief the media on the challenges facing the entity and outline a robust and comprehensive roadmap for the institution’s future.

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“The premier’s address will address concerns raised by the Prudential Authority’s announcement of alleged insolvency and regulatory non-compliance, which has caused public concern and uncertainty,” reads the statement.

Last Friday, Ithala was allowed to resume its core business operations following a ruling in the Pietermaritzburg High Court and Johannes Kruger, the Repayment Administrator blocked from interfering with the day-to-day operations of the entity.

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