KZN Premier Thamsanqa Ntuli describes the ongoing salary crisis at Ithala Bank, where hundreds of employees haven't been paid for over two weeks, as the most challenging situation his government has faced. Ntuli says the freezing of salaries and accounts is beyond his control, handled by the Prudential Authority. He plans to discuss the situation in a cabinet meeting and welcomes the President's authorization for the Special Investigating Unit (SIU) to probe potential criminal activities and maladministration at the bank.
| Published 3h agoKWAZULU-Natal Premier Thamsanqa Ntuli has described the more than two weeks of non-payment of salaries of hundreds for Ithala Bank employees this month as the most difficult challenge his provincial government ever faced.
Ntuli spoke to the media on Tuesday after his meeting with the community policing forums in Pietermaritzburg. Ntuli also commended the announcement that President Cyril Ramaphosa has authorized the Special Investigating Unit to probe possible criminal activities and maladministration that led to the bank’s trouble.
The Prudential Authority declared the amount a wasteful expenditure after its investigation found that the bank did not lift a finger to recover it from the company that failed to perform as per the contract. For many years, Ithala has been operating under the exemption from the Ministry of Finance since it did not have a banking license.
ITHALA BANK SALARY CRISIS PRUDENTIAL AUTHORITY SPECIAL INVESTIGATING UNIT CORRUPTION
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