KZN races to close Ithala deal as over R1.7bn paid out

By Lebone Rodah Mosima

The KwaZulu-Natal Treasury said on Tuesday that more than R1.7 billion of the R2.1 billion owed to Ithala SOC Limited depositors has been paid since December, as provincial and national authorities work to finalise outstanding legal agreements by 30 June.

KZN Finance MEC Francois Rodgers and Treasury head Carol Coetzee met Finance Minister Enoch Godongwana, South African Reserve Bank Deputy Governor Fundi Tshazibana and Financial Sector Conduct Authority commissioner Unathi Kamlana in Pretoria last week.

The talks focused on delays in concluding agreements regarding Ithala, including depositor repayments and the settlement of the government guarantee.

“We are encouraged by the significant strides made in repaying Ithala depositors and the strong collaboration among all stakeholders. Our focus remains on ensuring that all legitimate depositors receive their funds as quickly as possible, while upholding strict governance and accountability,” Rodgers said.

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