Prudential Authority seeks Ithala’s liquidation
Regulator and Treasury assure depositors their funds are safe, though accounts will be closed
16 January 2025 - 21:10
UPDATED 16 January 2025 - 23:09
The Prudential Authority’s (PA) patience with embattled KwaZulu-Natal-owned development agency Ithala has finally run out, with the regulator seeking the company’s liquidation in a move to protect more than 250,000 depositors.
The Reserve Bank, which houses the regulator, said it was seeking the liquidation of Ithala, effectively ending its ambition of being a fully fledged bank...
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