Ithala SOC Limited | KZN vows to challenge SARB's prudential authority
KwaZulu-Natal Premier Thamsanqa Ntuli says the provincial government will continue to legally challenge any attempts by the Reserve Bank’s prudential authority to take over operations of Ithala SOC Limited. Ntuli says the provincial government welcomes the judgement by the Pietermaritzburg High Court which barred the Repayment Administrator Johannes Kruger from taking over -seeing day-to day operations of Ithala SOC. The Reserve Bank’s repayment administrator found that the Ithala was technically and legally insolvent which put the depositors funds at risk.
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