South Africa’s Ithala SOC Limited (Ithala), often referred to as a state-owned “bank,” is facing provisional liquidation following a critical decision by the Prudential Authority (PA). This move affects approximately 257,000 depositors, raising concerns about the safety of their funds. Why is Ithala Facing Liquidation? Ithala operated under a special exemption from the Banks Act … Continue reading South Africa’s State-Owned ‘Bank’ Ithala Faces Liquidation Amid Insolvency Crisis