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Prudential Authority to appeal Ithala ruling
The Mercury
|May 14, 2025
LEGAL FIGHT
THE BATTLE for Ithala SOC Limited is far from over after the South African Reserve Bank’s Prudential Authority (PA) revealed yesterday that it was appealing a recent ruling that had lifted restrictions on some of the entity's operations.
The PA appointed a Repayment Administrator Johan Kruger to deal with the management of deposits that Ithala held in 2023.
Ithala had been conducting the business of a bank and accepting deposits from members of the public in terms of the exemption granted to it by the Finance Minister but that exemption expired.
The PA confirmed yesterday that it had filed for leave to appeal the May 9 ruling, and the Repayment Administrator also intends to challenge the judgment.
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