Ithala has R300 million ringfenced to secure deposits, says KZN treasury

The mail& Guardian

Ithala SOC has R300 million ring-fenced in the provincial revenue fund for securing deposits, as per the South African Reserve Bank’s Prudential Authority. Legal disputes have frozen the bank’s operations, risking 400 jobs and affecting thousands of clients. The bank seeks a transferee to continue operations, crucial for KwaZulu-Natal’s economy. Liquidation is opposed, with claims of solvency and liquidity.

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