Press Release - The Congress of South African Trade Unions (COSATU) in KwaZulu Natal is deeply distressed about the impending liquidation of KZN-based Ithala SOC.

South Africa

EFF, ActionSA and Nehawu condemn liquidation of Ithala SOC Limited

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Sekunjalo Investments

allAfrica

Amadou Mahtar Ba

South Africa: Cosatu KZN Distressed By Impending Closure of Ithala

The Congress of South African Trade Unions (COSATU) in KwaZulu Natal is deeply distressed about the impending liquidation of KZN-based Ithala SOC. The South African Reserve Bank’s Prudential Authority has applied to the High Court in Pietermaritzburg for the provisional liquidation of Ithala, after the development finance agency was reported to be insolvent. Ithala does […]

Afric Info

Amid the decision by the South African Reserve Bank’s Prudential Authority for the provisional liquidation of Ithala SOC Limited, the KwaZulu

Sunday World

Bid to save Ithala from liquidation

The application by the Prudential Authority (PA) for Ithala SOC Limited’s provisional liquidation has triggered the closure of its 257 000 depositors’ accounts to prevent a run on the bank and ensure a fair distribution of funds. But how did the once-prominent institution find itself in this predicament? Some background is needed to understand the origins of the bank-but-not-a-bank’s troubles. The story begins with the establishment of the Ithal…

Moonstone

How Ithala’s banking ambitions crumbled: the rise and fall of a rural icon – Moonstone Information Refinery

The National Treasury has assured depositors of Ithala SOC Limited that their deposits will be protected by a government guarantee after the Prudential Authority (PA) announced it had filed papers in the Pietermaritzburg High Court for the provisional liquidation of the bank. The Prudential Authority, a regulator under the South African Reserve Bank (SARB), said it believes this action was in the best interests of the approximately 257 000 depos…

EFF, ActionSA and Nehawu condemn liquidation of Ithala SOC Limited

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