By: Noluthando Mchunu
KwaZulu-Natal Premier Thami Ntuli has welcomed the resignation of Ithala SOC Limited board members, a move formalised during the institution’s recent annual general meeting.
Ntuli says the reconfiguration of the board forms part of a broader consequence management strategy aimed at stabilising the Ithala Development Finance Corporation and its deposit-taking arm, Ithala Bank, following years of regulatory and governance challenges.
The provincial government has successfully processed R1.6 billion in payments to more than 64,000 depositors, in what Ntuli described as a critical step towards restoring confidence in the institution.
He emphasised that the resignations should be viewed within the wider context of decisive interventions to stabilise Ithala Bank, strengthen governance and ensure regulatory compliance.
Ithala has faced sustained scrutiny in recent years over governance issues and its compliance with banking regulations, prompting intervention by authorities and raising concerns among depositors about the safety of their funds. The latest developments are part of ongoing efforts by the provincial government to restore stability and rebuild trust in the entity.
