The Prudential Authority has given Ithala Bank until June 2021 to submit its application for a banking licence in terms of the Banking Act. But the KwaZulu-Natal lender is sinking under allegations of irregular and wasteful expenditure.
. But the KwaZulu-Natal lender is sinking under allegations of irregular and wasteful expenditure in its IT department as it prepares to finalise its submission.
The project, scheduled to be completed in June last year, was delayed because only 40% of its targets had been completed. Tech Mahindra sent a letter to Ithala in March 2019 requesting a further three months to complete the project at an additional cost of R12-million. The remaining R64-million, which was due by September 2019, has not been paid and the technology company is allegedly suing Ithala for the outstanding amount, according to sources familiar with the situation.As a result of the delays, the auditor general’s interim report in 2019 flagged the extension of the project as fruitless and wasteful expenditure.
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