The future of state-owned Ithala is hanging by a thread after the high court in Pretoria dismissed its leave to appeal the decision that it must comply with the stringent conditions imposed on it by the Prudential Authority (PA), which might see the company’s deposit-taking activities wind down.

“I am not persuaded that another court would come to a different conclusion or that there are any other compelling reasons why leave to appeal ought to be granted,” judge Anthony Millar ruled...

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