MEC’s bid to save Ithala and its clients

AS SCORES of Ithala Bank clients and employees faced an uncertain future, the MEC for Economic Development, Tourism and Environmental Affairs (Edtea) Reverend Musa Zondi has stepped in, attempting to save the black-owned bank from closure.The fate of the bank founded in 1958 is now in the hands of the court after the Prudential Authority’s (PA) application to the High Court in Pietermaritzburg for Ithala’s provisional liquidation last week, citing non-compliance.The The Prudential Authority regulates banks and other financial institutions.As a legal showdown looms, questions are being…