Prudential Authority’s Ithala Bank appeal to be heard on Friday
The KwaZulu-Natal High Court will hear the Prudential Authority's appeal against a ruling that allowed Ithala Bank to partially resume operations on Friday morning.
The bank regulator is challenging the decision in Durban.
In May, the Pietermaritzburg High Court gave the embattled state-owned entity the green light to restart some services, but it still cannot receive new deposits.
The court also ruled that Repayment Administrator Johannes Kruger, appointed by the Prudential Authority, may not interfere in Ithala’s day-to-day operations.
In January, the Reserve Bank’s Prudential Authority froze Ithala’s accounts after it lost its banking licence exemption.
This left thousands of customers and staff in KwaZulu-Natal and other provinces without access to their salaries, pensions, and grants.
The appeal is separate from a liquidation application against Ithala, which is still pending in the same court.
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