King Misuzulu KaZwelithini has pointed fingers at an unnamed political party, claiming that it is behind the Pietermaritzburg High Court bid to liquidate the historic Ithala Bank and the turmoil within Ingonyama Trust.

He claimed some politicians wanted the bank closed to avoid repaying huge sums they owe in loans, just as the VBS Bank was looted and shut down. 

However, the Zulu King did not name the political party or politicians concerned, sparking speculations in KwaZulu-Natal and beyond. 

The monarch addressed an imbizo late on Friday, February 21, on developments within the trust that administers vast hectares of land on behalf of Zulu people and the future of the embattled KwaZulu-Natal government owned bank. 

The Prudential Authority (PA), a division of the South African Reserve Bank (SARB), has filed court papers seeking to liquidate Ithala Bank, citing liquidity issues and financial mismanagement which threaten depositors’ funds. 

“Let me be straightforward about these people, there is a third force of a political party that is behind the issue of Ithala and Ingonyama Trust. One day you will say I was right on these matters,” King Musuzulu told the well attended imbizo at Mashobeni palace in Nongoma in northern KwaZulu-Natal. 

He further alleged that the bid to shut down Ithala is because some people have huge loans with the bank and they are avoiding repayments. 

“They ate money just like they did at VBS, they ate money there (at VBS) and it was brazen. Now, with Ithala, because some people want their debts to vanish, they want to have it closed down. No, no one is debt free in this world.

“Let us work together to save the bank. In my opinion, I think the bank will be saved… We must have a dialogue to have the banking licence (exemption) of Ithala restored,” the King said, adding that the matter of the bank should be fiercely fought in court.. 

Turning to the Ingonyama Trust where his authority as the chairperson is being challenged internally and in Parliament, King Musuzulu lamented and expressed frustration with the trust.

“A lot of shocking things are happening at Ingonyama Trust… There is a land of the trust that was sold, but we don’t know what happened to that money,” he said, adding that those who are opposed to his ascension are behind the challenges of the trust.

Late last year, King Musuzulu fired the entire Ingonyama Trust board and ordered senior officials not to set foot in the trust’s offices in Pietermaritzburg. However, Rural Development and Land Affairs Minister Mzwanele Nyhontso fought back, saying only he had the powers to suspend or fire the board. 

King Musuzulu added that he will act against Inkosi Sibonelo Mkhize, one of the Ingonyama Trust Board members who allegedly forged his signature to have some illegal decisions ratified. 

He also said he would continue to be the chair of the Ingonyama Trust while he is still looking for a candidate. 

“We have many smart men amongst the nation who can take over the position,” the monarch told the imbizo.