A full bench of the Durban High Court has ruled that the board of the KwaZulu-Natal development entity, Ithala, does not have control over its bank accounts to pay salaries, South African Social Security Agency Sassa grants, and service providers.
This is pending an appeal against a ruling of Judge Muzi Ncube on the powers of the repayment administrator.
The South African Reserve Banks Prudential Authority appointed a repayment administrator last year after Ithala continued to take deposits from the public, despite the fact that their exemption from the Bank Act lapsed at the end of 2023.