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FILE: Ithala Bank’s branch on Anton Lembede Street in Durban, KwaZulu-Natal.
Five board members of financial institution, Ithala SOC Limited, have resigned.
KwaZulu-Natal Premier Thami Ntuli has welcomed their departure, calling it a decisive step to stabilise the institution.
The resignations come after more than R1.6 billion was paid out to over 64 000 customers who could not access their money.
Ntuli says the resignations of the five board members is a key step in safeguarding the entity’s future and rebuilding Ithala as a trusted financial institution.
The Premier’s spokesperson, Lindelani Mbatha says, “The Premier emphasised that these resignations must be understood within the broader context of the decisive interventions being undertaken by the Provincial Government to stabilise and reposition Ithala as a credible, resilient, and forward-looking financial institution that serves the developmental aspirations of the people of KwaZulu-Natal. He noted that government has a clear appreciation of the governance, compliance, and operational challenges that have confronted the institution over time.”
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