Note to Editors: Please note Hannah Lidgett, MPL sound bite in English
The Democratic Alliance (DA) in KwaZulu-Natal (KZN) calls for a full probe into the beleaguered Ithala SOC Limited, following the resignation of the entire five-member Board.
These developments raise urgent questions about how Ithala – an institution meant to serve and empower the people of our province – has been allowed to deteriorate to this extent. KZN’s people deserve answers. How did Ithala get to this crisis point? What failures in governance, oversight, and accountability led to this situation?
The DA firmly believes that a full and transparent investigation is now essential. While there are indications that a Special Investigating Unit (SIU) process may already be underway, the province cannot afford to stand back. A preliminary provincial investigation must be initiated without delay to establish the facts, identify any wrongdoing and ensure accountability.
Importantly, the DA acknowledges the work undertaken by KZN Finance MEC, Francois Rodgers, to stabilise Ithala and protect depositors during this period of uncertainty, inherited by KZN’s Government of Provincial Unity (GPU) from the previous administration. MEC Rodgers has continually stated that safeguarding the interests of our province’s people must remain the foremost priority.
What has happened to Ithala must never be repeated and it must now be rebuilt on a foundation of ethical leadership, sound governance and financial responsibility. KZN’s people cannot continue to bear the cost of institutional failure.
The DA, as a partner within KZN’s GPU, will continue to push for transparency, accountability, and responsible management to ensure that Ithala serves its intended purpose of supporting communities and driving inclusive economic development in KZN.