Note to Editors: Please note Tim Brauteseth, MPL sound bite in English
The DA in KwaZulu-Natal (KZN) welcomes yesterday’s announcement that Ithala SOC Ltd depositors will finally gain access to their funds before Christmas – a development that brings long-overdue relief to thousands of our province’s people, who have endured months of uncertainty and financial hardship.
From the very outset of the Ithala crisis, KZN Government of Provincial Unity (GPU) Finance MEC, Francois Rodgers, has fought tirelessly to ensure the protection of depositors’ interests. His unwavering commitment and decisive interventions have been instrumental in overcoming financial, administrative, and legal obstacles that delayed repayments. The DA commends MEC Rodgers for his leadership and persistence in securing this outcome.
While this resolution is a significant victory for depositors, it is also a stark reminder of the governance failures that first led to this crisis.
The DA, through its representation in the Standing Committee on Public Accounts (SCOPA), remains determined to hold those responsible to account and to ensuring that robust oversight mechanisms are implemented to prevent similar failures in future.
Furthermore, the DA urges parliament to prioritise legislative solutions that address the systemic challenges facing community banks.
Institutions such as Ithala play a critical role in promoting financial inclusion and supporting local economies, yet they remain vulnerable due to outdated regulatory frameworks. Comprehensive reform is essential to safeguard depositors and strengthen the resilience of these institutions.
The DA will continue to champion accountability, transparency and sound governance in KZN and across South Africa. Yesterday’s announcement is a step forward, but the work to restore confidence in public financial institutions is far from over.