-
A Ithala Bank stand at an event.
An urgent application by Ithala SOC Limited has been postponed to Thursday in the Pietermaritzburg High Court.
The application seeks to enforce an earlier court order allowing Ithala’s Board to manage its operations and bank accounts.
The matter arises as the Prudential Authority moves forward with its application for the provisional liquidation of Ithala.
In a statement, the provincial Department of Economic Development noted that the Registrar of the High Court advised that Justice Ncube, who was overseeing the case, is currently on leave until next month.
The liquidation application scheduled for Thursday remains on track.
The department added that the Registrar will notify all relevant parties once the Judge President provides further guidance.
The Reserve Bank’s repayment administrator found Ithala to be technically and legally insolvent, exposing more than 200 000 depositors to potential losses.
The provisional liquidation application, set for January 30, 2025, is being opposed by Ithala, the provincial Treasury, the Ithala Development Finance Corporation, and the provincial Department of Economic Development.
Related video | PSA opposes Ithala liquidation application:
