The Inkatha Freedom Party (IFP) reiterated its commitment to defend Ithala Bank, with leader Velenkosini Hlabisa describing the decision by the Prudential Authority to file for the liquidation of the bank is ill-advised and a travesty of justice and access for people.
While sharing what the party has in store for its 50th anniversary this year, Hlabisa and KwaZulu-Natal chairperson Thamsanqa Ntuli vowed to fight for Ithala Bank.
Hlabisa said their 50-year celebration comes at a time of great reckoning for the country, where important pillars of the IFP are under siege.
“The IFP strongly objects to this decision and we will stop at nothing to defend Ithala Bank because (it) is the backbone of the black economy,” Hlabisa stated.
“We applaud what the taxi association did, to come forward as an association that is the backbone of the black economy, that they will do everything to fight against the closure of Ithala Bank.”
Hlabisa said that the party will go in force to the Pietermaritzburg High Court to support the KwaZulu-Natal government against the Prudential Authority in its attempt to liquidating Ithala Bank.
Hlabisa thanked President Cyril Ramaphosa, who gave his support to the KZN government to fight and remove anything that would make the liquidation successful.
“We will not allow Ithala Bank to suffer the same fate as VBS and African Bank,” Hlabisa said.
“It is clear that there is a strategic and deliberate effort to consolidate the major banks by collapsing black banks.
“We will take to the streets in defence of Ithala Bank,” Hlabisa said.
Adding his voice, Ntuli said that as the premier of KwaZulu-Natal, the government is ready to defend Ithala.
“We know the Ithala saga has become political. It’s people who are greedy, who want all businesses or all banks, taking this Ithala issue and wanting to destroy Prince Mangosuthu Buthelezi’s legacy, the IFP’s legacy,” Ntuli said.
He said Ithala Bank was created for people, who were discriminated against by big banks, so they could start businesses, others have homes in rural areas, and others have businesses in rural areas and taxis because of Ithala Bank.
He said those who decided to close Ithala Bank are looking for an opportunity.
Ntuli said that as a result, there were people who could not pay their bonds but were unable to because they paid through Ithala Bank.
“We all need to rise and defend Ithala against anything that is said. We must protect Ithala,” Ntuli said.
“As municipalities, let us stand behind Ithala.”