State-owned development agency Ithala’s ambitions of being a fully fledged bank were dealt a heavy blow after a repayment administrator was appointed to look after its affairs, in a move that essentially begins the process of winding down its deposit-taking activities.

The Reserve Bank has appointed Johan Kruger, one of SA’s leading investigators into Ponzi and pyramid schemes as Ithala’s repayment administrator after a court order in December...

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