Ithala Bank is in a protracted legal battle with the South African Reserve Bank’s Prudential Authority (PA) which has filed papers for the bank's provisional liquidation .
Image: DOCTOR NGCOBO/Independent Newspapers
Political parties in KwaZulu-Natal are expected to set aside their differences, at least for a day, to support the embattled Ithala bank in its legal battle against liquidation on Monday.
The bank is in a protracted legal battle at the by Pietermaritzburg High Court with the South African Reserve Bank’s Prudential Authority (PA) which has filed papers for the bank's provisional liquidation. The Prudential Authority cited non-compliance as the reason for the application.
Scores of people from across the political spectrum are expected to gather outside the court in support of the bank’s legal team, who will try to convince the judge that the bank still has a future in the province.
Among the parties expected in court are those who make up the government of provincial unity, the ANC, IFP and the DA. Umkhonto weSizwe Party (MKP) is also expected to join in.
IFP spokesperson Mkhuleko Hlengwa said the party's provincial chairperson Thami Ntuli will be in court together with other party leaders and members. Hlengwa said the party’s national council will meet in Durban to prepare for the party’s 50th anniversary so they will not be able to attend the case, except for Ntuli who will represent the party in court.
“We have directed our provincial executive committee to ensure that there is always support for the bank whenever there is a court case, so our provincial chairperson will be in court,” said Hlengwa.
MKP provincial convener Willies Mchunu said although there is nothing that has been organised at the provincial level, he believed their members at the grassroots level will come out to support the bank, saying the party's leadership had made an announcement that it was against the closure of the bank.
The DA which is against the closure of the bank will be represented in court by its provincial chairperson and Finance MEC Francois Rodgers.
Zulu king Misuzulu kaZwelithini, has also come out in support of the bank. During his address at the opening of the provincial legislature a few weeks ago, the king vowed to ensure that the bank remains open.
During a recent imbizo in Pongola, north-east of the province, the king said there was a certain political party that wanted the bank closed.
willem.phungula@inl.co.za
