CAPE TOWN - Ithala SOC faces potential liquidation after years of mismanagement and inaction.
The licenced financial services provider is owned by the KZN provincial government, and has been unable to demonstrate ways to address the myriad supervisory concerns raised by the Prudential Authority.
At a briefing, the ANC condemned the planned liquidation of Ithala Bank, while reiterating that the fraud and corruption must be dealt with.
The party says the bank must not close, as it will affect poorer communities.
Director at Asset Management firm, Denker Capital, Kokkie Kooyman spoke to eNCA.