PIETERMARITZBURG – The Pietermaritzburg High Court has postponed an urgent application by Ithala SOC Limited to Thursday, 30 January 2025. The application seeks to enforce a previous court order allowing Ithala’s Board to retain control over its operations and bank accounts, as the financial institution fights off a looming provisional liquidation.
Judicial Delay Amid Legal Showdown
The postponement follows a notification from the Registrar of the High Court, stating that Justice Ncube, who has been presiding over the case, is currently on leave until next month. Despite this, the liquidation hearing remains on schedule for Thursday.
The Prudential Authority, under the South African Reserve Bank (SARB), has applied for Ithala’s provisional liquidation, citing the institution’s technical and legal insolvency—a situation that puts over 200,000 depositors at risk of financial loss.
Key Stakeholders Opposing Liquidation
Ithala’s liquidation is being opposed by:
✔ Ithala SOC Limited
✔ Provincial Treasury
✔ Ithala Development Finance Corporation
✔ KwaZulu-Natal Department of Economic Development
The Reserve Bank’s repayment administrator has confirmed that Ithala’s financial position is dire, reinforcing the case for liquidation.
Awaiting Further Court Guidance
The Judge President is expected to provide further directions, and the Registrar of the High Court will update all parties accordingly.
As the legal battle intensifies, thousands of depositors and stakeholders await a resolution that could determine the fate of one of KwaZulu-Natal’s key financial institutions.
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