The Pietermaritzburg High Court has ruled that Ithala Bank should be allowed to resume its core business.
The bank’s repayment administrator, Johannes Kruger, had initially filed an application for the bank to be liquidated, saying the bank had no powers to run itself.
Ithala Bank
However, the government of provincial unity in KwaZulu-Natal and Ithala Bank opposed Kruger’s application.
On Friday, Pietermaritzburg High Court Judge Muzi Ncube once again ruled in favour of the bank.
KZN Treasury spokesperson Nkosikhona Duma: “MEC Francois Rodgers has always contended that Mr Kruger has never acted in the best interest of Ithala and its retail depositors. It should be remembered that this is the second time that Judge Ncube has affirmed that Mr Kruger has overstepped in his powers.”
Duma added that Kruger’s actions may have dented the bank’s financial sustainability after halting its operation in January.
“Unfortunately, we are concerned that some of the damage caused by his actions may be impossible to reverse.”
In other news – Amapiano star Kabza De Small taking a break due to flu
Amapiano star Kabza De Small is taking a break from performing this weekend due to flu, which caused him to also skip events during this week.
“Kabza caught flu. He’s not been feeling well for days now and he’s been making efforts to get better. Yesterday [Thursday] they met his team and their decision was that he needs to take a break and work on getting better,” said a source. Read More
