Worried about the impact on the livelihoods of thousands of KZN residents, King Misuzulu kaZwelithini expressed extreme disappointment following the suspension of the licence of Ithala Bank on Friday.
The Financial Sector Conduct Authority (FSCA) suspended the licence of Ithala Limited, the KZN-based State-owned development bank.
The FSCA statement indicated the suspension is effective from Monday. Ithala will remain in place until the bank meets the conditions for its licence to be lifted.
The king said thousands of his subjects who depend on Ithala Bank to conduct their business and social enterprises will be impacted.
“I strongly believe the services of Ithala Bank are a backbone of rural and township entrepreneurs in KwaZulu-Natal and must not be disrupted,” he said.
He said the bank was an enduring legacy of his erstwhile prime minister, Prince Mangosuthu Buthelezi – one that should be honoured so future generations could benefit.
The king has directed the Traditional Prime Minister of the Zulu Nation, Reverend Thulasizwe Buthelezi to reach out to the minister of finance and premier of KZN to ensure no effort is spared to reinstate the banking licence.
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