The Inkatha Freedom Party (IFP) has noted with concern the provocative and ill-advised decision by the Prudential Authority to file for the liquidation of Ithala Bank SOC.
The IFP strongly objects to this reckless and counter-developmental course of action.
We expect the KwaZulu-Natal Provincial Government to prioritize this matter urgently and explore and pursue all legally available avenues to prevent this attack on the people’s bank.
The IFP is deeply concerned by the alleged rogue behavior of the Repayment Administrator, some Johannes Kruger. We demand his immediate removal, especially in light of the court ruling from the last quarter of 2024, which restrains the Repayment Administrator from interfering in Ithala Bank’s daily operations.
Ithala Bank was established to support and safeguard the financial interests of the previously disadvantaged and those excluded by major corporate banks. Any move to liquidate Ithala Bank is a direct assault on the financial security of black South Africans.
The Prudential Authority’s actions are provocative, and the IFP will respond decisively to defend Ithala Bank.
The Prudential Authority is clearly calling us to the streets, and they must rest assured we will answer with an emphatic YES right to their door step!
#HandsOffIthala
Mkhuleko Hlengwa, MP
IFP National Spokesperson
Inkatha Freedom Party
Contact:
Ayanda Zulu
IFP National Media and Communications Officer
082 866 4029