Kruger has no authority to take over the human resource, treasury, marketing, finance, and any other operational functions of Ithala.
Umkhonto Wesizwe Party (MKP) in Harry Gwala region welcomes the decision by the Pietermaritzburg High Court; this is after Judge Muzi Ncube ruled that Johannes Kruger has no right to take over the operational and day-to-day management of Ithala Bank.
According to the MKP Regional Organizer Bongani Msomi, MKP applauds the Judge decisions because they believe in Ithala Bank as it services mostly rural people especially grant recipients. “We welcome this ruling because it proves our effort to host those pickets did not go unnoticed, as some anticipated,” said Msomi. MKP Organizer also mentioned that, they are looking forward to the reopening of Ithala Bank.
Meanwhile KwaZulu-Natal (KZN) Finance MEC, Francois Rodgers, also welcomes yet another scathing ruling against Johannes Kruger, the South African Reserve Bank (SARB) appointed Repayment Administrator (RA) in the matter involving Ithala SOC Ltd (Ithala). In the statement issued by the MEC’s department, it states that the ruling follows court proceedings that were heard in the Labour Court in Durban on March 17, 2025. MEC Rodgers attended the proceedings and thereafter publicly pronounced on the need to find a solution that works in favor of KZN, Ithala and its depositors.
Continuing, the statement mentioned that, Judge Ncube clarified that Kruger has no authority to take over the human resource, treasury, marketing, finance, and any other operational functions of Ithala. The Board is not stripped of its powers, despite the appointment of the RA, the Judge affirmed. If further says, too much relief for the KZN Government of Provincial Unity (GPU) and Ithala’s retail depositors for whom they have been fighting for, the entity is allowed to continue to operations pending its counterapplication against Kruger’s application to liquidate the entity. Henceforth, Ithala retains the permission to conduct all legally permissible transactions including disbursement of salaries and money owed to suppliers. “It is unfortunate that Kruger’s actions have thus far caused untold pain on residents, jeopardized SMMEs in the province and limited Ithala’s ability to function properly,” said MEC Rodgers.
