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MEC Zondi says Ithala customers will be able to access funds soon
The Star
|May 12, 2025
THE KwaZulu-Natal Economic Development and Tourism MEC Reverend Musa Zondi has assured Ithala customers that they would soon be able to access their money.
Ithala bank was expected to resume its full operations today following the Pietermaritzburg High Court's Friday ruling which set aside the Prudential Authority’s (PA) decision to freeze the bank's accounts.
The PA had hired the Repayment Administrator (RA) earlier this year to freeze the accounts pending the finalisation of the liquidation application, which is in court.
Yesterday, Zondi described the ruling as vindication of the provincial government's view which had argued that the PA was wrong in freezing the bank accounts despite the bank agreeing to stop deposits in compliance with the non-renewal of the exemption.
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