His Majesty King Misuzulu kaZwelithini has raised concerns that the suspension of Ithala’s banking licence. Picture: Doctor Ngcobo/Independent Newspapers
His Majesty King Misuzulu kaZwelithini has raised concerns that the suspension of Ithala’s banking licence by the Financial Sector Conduct Authority (FSCA) will “devastate” the livelihoods of thousands of his subjects.
This is according to the Traditional Prime Minister of the Zulu Nation, the Reverend Thulasizwe Buthelezi, in a statement on Sunday.
The Mercury reported in February that the ambitions of Ithala SOC Limited to be a “fully-fledged bank” was dealt a heavy blow after it was ordered by the Gauteng High Court to stop taking deposits after an exemption order that allowed the financial services and credit provider to take deposits lapsed in December.
“His Majesty is concerned that the suspension of the Ithala Bank licence will have devastating consequences on the livelihood of thousands of his subjects who depend on Ithala Bank to conduct their business and social enterprises,” said Buthelezi.
Buthelezi said Misuzulu strongly believes that the services of Ithala is the backbone of rural and township entrepreneurs in KwaZulu-Natal and it should not be disrupted.
“His Majesty views Ithala Bank as the enduring legacy of his erstwhile prime minister, Prince Mangosuthu Buthelezi – a legacy that must be honoured and defended so that future generations can also benefit from Ithala Bank,” he said.
The traditional Prime Minister said the King has directed him to reach out to Finance Minister Enoch Godongwana and the KZN Premier Thami Ntuli to request they ensure that “no effort is spared to reinstate the banking licence of Ithala Bank without delay.”
The Mercury