Prudential Authority (PA)
IFP Fighting to Save Ithala Bank, says Shutting Down the Bank would Affect the Poor
The Inkatha Freedom Party (IFP) has become the latest political party to join the fight…
Zulu King Blames ‘Third Force of a Political Party’ for Ithala Bank Liquidation and Ingonyama Trust Turmoil
King Misuzulu KaZwelithini has pointed fingers at an unnamed political party, claiming that it is…
EXCLUSIVE: Prudential Authority tells Pietermaritzburg High Court Ithala has Inadequate Money to Refund Clients in Case of Emergency
The 429 page long court papers of the Prudential Authority (PA), which is seeking to…
AMCU Supports Ithala Bank’s Battle for Survival, Accuses SARB of ‘Hidden Agendas’
The Association of Mineworkers and Construction Union (AMCU) has thrown its weight behind the embattled…
SIU Authorised to Probe Ithala Bank and Associated State Owned Companies in KwaZulu-Natal
The Special Investigating Unit (SIU) has been quietly authorised to probe allegations of wrongdoing at Ithala Development Finance Corporation and its wholly owned subsidiary, Ithala (SOC) Limited (Ithala Bank). This is outlined in Proclamation 243 of 2025 which was signed by President Cyril Ramaphosa on Friday, setting the investigation in motion immediately. Ithala Bank is already on the brink of closure after the Prudential Authority (PA), a division of the South African Reserve Bank tasked with monitoring banks, applied to…
Devastation as Hundreds of Ithala Bank Staff Go Unpaid in January
Hundreds of Ithala Bank employees in KwaZulu-Natal face financial hardship and the risk of defaulting on monthly payments after Repayment Administrator (RA) Johannes Kruger, who was appointed by the Prudential Authority (PA) to oversee the bank’s affairs, failed to pay their salaries. Kruger assumed control pending an application in the Pietermaritzburg High Court to have the historic KwaZulu-Natal bank provisionally liquidated. His takeover effectively granted him sole authority over all transactions, leaving account holders unable to make deposits or withdrawals.…
Finance Minister asks Big Banks to Open Accounts for Ithala Clients to Facilitate Social Grants Payments amid Liquidation Battle with Prudential Authority
Finance Minister Enock Godongwana has asked South Africa’s big banks to open accounts for social grant recipients who are currently banking with Ithala Bank so they could continue to get paid while the historic KwaZulu-Natal state owned institution tries to fend off a liquidation application by the Prudential Authority (PA). This is according to Godongwana’s letter to Mary Vilakazi, the chairperson of the Banking Association South Africa, dated 17 January 2025 and seen by African Times. The letter was written…
Ithala Slams Prudential Authority’s Court Application To Have It Provisionally Liquidated
Ithala SOC Limited (Ithala Bank), the historic financial institution founded by the KwaZulu homeland government to fund black entrepreneurs during the apartheid era, has slammed the Prudential Authority (PA) ‘s application to have it under provisional liquidation. The PA is a division of the South African Reserve Bank (SARB) that oversees the operations and compliance matters of banks and insurance companies in the country. In a statement on Thursday (January 16), the PA said its application in the Pietermaritzburg High…
Capitec Bank Fined R56 Million For Failing To Comply With FICA Regulations
The Prudential Authority (PA), an entity of the South African Reserve Bank tasked with monitoring banks, has fined Capitec Bank R56 million for failing to comply with some provisions of the Financial Intelligence Centre Act (FICA), mainly enacted to prevent money laundering. The PA accused the bank of failing to comply with certain provisions of the FIC Act 38 of 2001. The fine was announced on Friday last week through a press statement. “The sanctions consist of seven cautions, one…