The administrator tasked with supervising the payment affairs of the KwaZulu-Natal-based development bank, Ithala, will not be allowed to stop the bank from taking deposits, following a high court ruling on Thursday.
This comes after the Prudential Authority had not granted Ithala another exemption notice, permitting it to conduct banking activities in the absence of a licence. On 22 December, Judge Robin Mossop, granted an order to allow Kruger to, among other things, institute proceedings in terms of the Banks Act; and empowered Kruger to recover and take possession of the bank’s assets.
Ithala argued among other things that, before the order was granted, it held various meetings with the Prudential Authority after the body had refused the further extension of its exemption.Gauteng forges ahead with plans for state bank and pharma company“During these meetings, the Prudential Authority had expressed its intention to appoint Kruger as the repayment administrator, but said he would merely be a caretaker,” Ithala said in a statement on Thursday.
The Prudential Authority lodged a counter-urgent application asking that Ithala be directed to cooperate with the repayment administrator regarding further depositing activities. Both applications were consolidated, and in a consent the powers of the repayment administrator were limited.
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