Thousands of Ithala depositors will finally breathe a sigh of relief this festive season after an announcement this week confirmed that they will start accessing their funds from December 8.
For many, it marks the end of an agonising year defined by uncertainty, court battles and repeated protests outside Ithala’s offices.
The KwaZulu-Natal-based financial institution was forced to cease operating as a bank late last year and more than 270,000 depositors could not access their life savings in January.
What followed was a cascade of litigation between Ithala, the Prudential Authority (PA) and the appointed repayment administrator (RA). Court findings so far have upheld the need for a structured repayment process, but pending cases continue to hang over the institution’s future.
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