Court finds banking regulator treated Ithala unfairly
Temporary reprieve after ruling that its deposit activities were essentially placed under administration in ‘secret’
17 March 2024 - 16:08
UPDATED 18 March 2024 - 14:51
Ithala Bank’s management have won a temporary reprieve after the Pietermaritzburg high court found the lender was treated unjustly by having its deposit activities essentially placed under administration in “secret”.
While not a bank, Ithala takes deposits due to an exemption granted it by the Prudential Authority (PA). Ithala has for more than a decade tried to obtain a permanent banking licence...
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