WATCH | Christmas cheer for Ithala Bank depositors
Ithala depositors guaranteed access to funds ahead of Christmas
Image: DOCTOR NGCOBO Independent Newspapers
KZN Finance MEC Francois Rodgers has confirmed that all depositors of Ithala SOC Ltd will have access to their funds before Christmas.
The announcement came as MEC Rodgers, together with KZN Premier Thami Ntuli and MEC for Economic Development, Tourism, and Environmental Affairs Rev. Musa Zondi, addressed ongoing governance challenges in the province.
For months, depositors had faced barriers in accessing their funds due to financial, administrative, and legal hurdles. However, MEC Rodgers, who played a vital role in resolving these challenges, highlighted that agreements have now been finalised with relevant stakeholders, paving the way for the release of funds.
KZN Finance MEC Francois Rodgers joined Premier Thami Ntuli and MEC Musa Zondi for a media briefing on Ithala and other governance issues in the province. During the briefing, officials announced that all Ithala SOC Ltd depositors will be able to access their funds before Christmas
Image: KZN Treasury
The provincial government has collaborated closely with the Presidency and the National Treasury to craft a viable solution for the depositors. In the coming days, the Provincial Government, in conjunction with Ithala, the National Treasury, and the appointed Payment Administrator, will publish detailed instructions for depositors outlining:
- When and where funds can be accessed
- Which branches and service points will be operational
- Documentation required for verification
- Support arrangements for vulnerable depositors
“The challenges facing Ithala SOC Ltd were inherited from the previous administration,” said MEC Rodgers. “However, the Government of Provincial Unity has shown unwavering commitment to ensuring that the interests of all depositors are safeguarded.”
Rodgers further noted the provincial government's successful litigation against the Repayment Administrator, whose overreach had adversely affected Ithala’s operations. “Our commitment to finding a solution has borne fruit, and we are pleased to provide relief to those who have patiently awaited access to their investments,” he added.
IOL