AmaZulu king Misuzulu kaZwelithini has entered the fray calling for a halt to the impending liquidation of Ithala Bank.
The king, through his former traditional prime minister Thulasizwe Buthelezi, said the king expressed concern on the matter.
In a media statement issued by Buthelezi on behalf of the king on Saturday, the king said he viewed Ithala Bank as an important and indispensable structure of the Zulu kingdom which carried historical, cultural and economic significance.
“In this regard his majesty has instructed me to lead a delegation of senior members of the royal family and amakhosi of the kingdom to support the premier of KwaZulu-Natal, Thamsanqa Ntuli, in his government’s efforts to save Ithala Bank,” said Buthelezi.
He said the king has also tasked the delegation to engage with the national government to underscore Ithala’s unique role in sustaining the livelihoods of those affected .
Buthelezi said amakhosi of KwaZulu-Natal stand to lose R34m held in Ithala in their traditional levies trust account if the matter is not resolved.
The Prudential Authority of the South African Reserve Bank has applied for the liquidation of the bank, a move that has caused a furore in KwaZulu-Natal.
The Prudential Authority was criticised from several quarters including the provincial government, political parties and amakhosi.
The matter was due to be heard on Thursday at the Pietermaritzburg high court but was postponed after a meeting between the provincial government and representatives of the Prudential Authority.
A new date for the hearing is yet to be announced.
Thousands of Ithala clients have been left high and dry after their accounts were frozen in mid-January.
TimesLIVE
King Misuzulu throws his weight behind KZN premier to help save Ithala from liquidation
Image: SANDILE NDLOVU
AmaZulu king Misuzulu kaZwelithini has entered the fray calling for a halt to the impending liquidation of Ithala Bank.
The king, through his former traditional prime minister Thulasizwe Buthelezi, said the king expressed concern on the matter.
In a media statement issued by Buthelezi on behalf of the king on Saturday, the king said he viewed Ithala Bank as an important and indispensable structure of the Zulu kingdom which carried historical, cultural and economic significance.
“In this regard his majesty has instructed me to lead a delegation of senior members of the royal family and amakhosi of the kingdom to support the premier of KwaZulu-Natal, Thamsanqa Ntuli, in his government’s efforts to save Ithala Bank,” said Buthelezi.
He said the king has also tasked the delegation to engage with the national government to underscore Ithala’s unique role in sustaining the livelihoods of those affected .
Buthelezi said amakhosi of KwaZulu-Natal stand to lose R34m held in Ithala in their traditional levies trust account if the matter is not resolved.
The Prudential Authority of the South African Reserve Bank has applied for the liquidation of the bank, a move that has caused a furore in KwaZulu-Natal.
The Prudential Authority was criticised from several quarters including the provincial government, political parties and amakhosi.
The matter was due to be heard on Thursday at the Pietermaritzburg high court but was postponed after a meeting between the provincial government and representatives of the Prudential Authority.
A new date for the hearing is yet to be announced.
Thousands of Ithala clients have been left high and dry after their accounts were frozen in mid-January.
TimesLIVE
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