KEY POINTS
- KwaZulu-Natal parties unite to support Ithala Bank’s survival.
- Leaders vow to oppose Ithala Bank’s liquidation in court.
- Community members and political leaders rally behind Ithala Bank.
On Monday, KwaZulu-Natal political parties are anticipated to put aside their disagreements in order to back Ithala Bank in its legal fight against liquidation.
Political unity emerges as Ithala Bank fights liquidation
The Prudential Authority of the South African Reserve Bank filed a provisional liquidation application against Ithala, citing non-compliance; the case will be heard by the Pietermaritzburg High Court. In support of the bank’s legal team, who will contend that Ithala still has a future in the province, supporters from all political stripes are anticipated to assemble outside the court.
The Umkhonto weSizwe Party and the African National Congress, Inkatha Freedom Party, and Democratic Alliance—the parties that make up the province government of unity—are anticipated to attend.
Thami Ntuli, the provincial chairwoman of the IFP, would be there along with other officials and members, according to IFP spokesperson Mkhuleko Hlengwa. The party’s national council, which is gathering in Durban to get ready for its 50th anniversary, will not be there, according to Hlengwa, but Ntuli will speak on behalf of the party.
“Whenever there is a court case, we have instructed our provincial executive committee to make sure the bank always has support,” Hlengwa stated.
DA and Zulu king back efforts to keep Ithala Bank open
According to Iol, no formal provincial-level plan has been organized, MKP provincial convener Willies Mchunu stated that cooperation from grassroots members is anticipated. According to him, the party’s top brass has openly opposed the bank’s shutdown.
Francois Rodgers, the DA’s provincial chairperson and Finance MEC, will speak on behalf of the party, which is also against the closure.
Misuzulu kaZwelithini, the Zulu King, has also expressed support for Ithala. The king promised to keep the bank operational when he spoke at the recent opening of the provincial legislature. He asserted during a recent imbizo in Pongola that a specific political party is trying to get the bank shut down.
