After months in limbo, Ithala resumes limited operations – but its revival faces steep legal and regulatory challenges as the battle over its liquidation and banking status intensifies.
Ithala has been cleared to resume core operations – excluding deposit-taking – while legal battles over its liquidation and frozen R2.47bn in deposits continue.
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.
Several municipalities have lost about 75% of their money.
Notifications
