Ithala Bank building in Durban. | Doctor Ngcobo/Independent Newspapers
ANC leaders have expressed concern over the imminent liquidation of Ithala Bank which has been important in supporting local communities.
Speaking on the sidelines of the ANC’s 113th anniversary January 8 statement celebration at Caluza Sports Ground in Pietermaritzburg, KwaZulu-Natal on Sunday, ANC KZN chairperson Siboniso Duma said they want Ithala Bank back.
He said they believe the Prudential Authority favours major banks.
Duma stated that fixing Ithala Bank would alleviate concerns for the grandmothers and grandfathers who use the bank to keep their stokvel money.
“Yet it is a KwaZulu-Natal bank which could lead to a sovereign wealth fund because, imagine, transferring the appropriation bill of KwaZulu-Natal, it will be a big bank,” Duma said about Ithala Bank.
During the celebration, he said Amakhosi were communicating with provincial leadership regarding Ithala Bank.
“The ANC will be there to support Amakhosi because we serve under them.”
The ANC’s first deputy secretary-general Nomvula Mokonyane said that at a government level, a team has been put together and is working together with the KZN government to deal with the issue of Ithala.
“Of course, there are issues of compliance but what is of importance for us, is to not destroy an initiative that is for the poor and was meant to serve the rural group,” Mokonyane said.
Meanwhile, on Saturday, through KZN Co-operative Governance and Traditional Affairs MEC Reverend Thulasizwe Buthelezi, King Misuzulu kaZwelithini expressed his concern over the imminent liquidation of Ithala Bank.
Buthelezi said King Misuzulu sees Ithala Bank as an important and indispensable structure of the Zulu Kingdom which carries historical, cultural and economic significance.
He said the king instructed him to lead a delegation of senior members of the royal family and the kingdom’s amakhosi to support KZN Premier Thamsanqa Ntuli in the government’s efforts to save Ithala Bank.
Buthelezi said King Misuzulu also tasked the delegation with engaging with the national government to underscore Ithala Bank’s unique role in sustaining the livelihood of hundreds of thousands of His Majesty’s subjects in the province.
“Amakhosi of KwaZulu-Natal stand to lose R34 million held in Ithala Bank in their Traditional Levies Trust account if this matter is not resolved,” Buthelezi said.
Earlier last week, Premier Ntuli said the provincial government will continue to engage all relevant stakeholders to ensure Ithala Bank remains operational, serving the people of KwaZulu-Natal as it has done for decades.
“The fight to protect Ithala is a fight for economic justice, inclusion, and the empowerment of the province’s most vulnerable communities.
“As the provincial government, we are unwavering in our commitment to ensuring the survival of Ithala SOC, no matter the challenges we face. We call upon all societal stakeholders to join hands with us in this critical fight to preserve the soul of Ithala. The people of KwaZulu-Natal are not oblivious; they see the actions being taken and the intentions behind them,” Ntuli said.
Additionally, IFP President Velenkosini Hlabisa described the decision by the Prudential Authority to file for the liquidation of the bank as ill-advised and a travesty of justice and access for people.
Hlabisa asserted that the party will do everything possible to defend Ithala Bank, which is vital to the black economy.
thobeka.ngema@inl.co.za