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Mass mobilisation on the cards against possible liquidation of Ithala Bank

Details

IthalaDaily News reports that a mass mobilisation of political parties, labour groups, community leaders and Amabutho (Zulu soldiers) have vowed to stand their ground in opposition to the potential liquidation of Ithala Bank.

This coalition of organisations includes the IFP, ANC, DA, uMkhonto weSizwe Party (MKP), labour federation Cosatu and traditional lobby group Injenje YabeNguni. Their mobilisation comes as Ithala is set to square off with the Prudential Authority (PA) at the Pietermaritzburg High Court over allegations of non-compliance and insolvency on Friday. The ANC and its alliance partners in KwaZulu-Natal announced during a joint media briefing on Wednesday that they would picket outside the High Court on Friday. “As the alliance, we have agreed to embark on a grassroots-based mass action against the unsound and unjustifiable actions of the Repayment Administrator (RA). This will start with picketing on Friday, during the hearing at the Pietermaritzburg High Court,” a statement from the alliance partners advises. MEC for Finance Francois Rodgers, the DA’s leader in the province, also backed Ithala. “We will joining the province of KZN and the MEC for Economic Development, Tourism and Environmental Affairs (Musa Zondi) in opposing Ithala’s liquidation,” he indicayed. The IFP, which was founded by the late Inkosi Mangosuthu Buthelezi, who was instrumental in the establishment of the Bank in 1958, has also threatened to take the streets if the entity was liquidated. The IFP described the Prudential Authority's actions as “provocative”, warning that the IFP would respond “decisively” to defend Ithala Bank.

  • Read the full original of the report in the above regard by Lungani Zungu at Daily News
  • Read too, Epic legal battle between Ithala and Prudential Authority on Friday, at Daily News


Get other news reports at the SA Labour News home page