AmaZulu King Misuzulu kaZwelithini says problems faced by Ithala Bank and Ingonyama Trust are caused by political interference. The King was addressing an Imbizo attended by Amakhosi and Zulu regiments at eMashobeni Royal Palace in Nongoma northern KwaZulu-Natal. The gathering was aimed at discussing and resolving matters said to pose threats to the Zulu Kingdom including the issue of Ithala Bank and Ingonyama Trust. King Misuzulu appointed himself as the Chairperson of the Ingonyama Trust Board at the beginning of last year after the axing of former Chairperson Inkosi Thanduyise Mzimela. The King says he will hold this position until he finds a suitable candidate with legal expertise.
“The position of the chairperson of Ingonyama Trust should be occupied by someone who has legal expertise, someone who understands Zulu culture and it is important to understand the reason why I’m still occupying this position. I’m still looking for a suitable candidate,” he says.
The King also responded to the bank regulator’s report – The Prudential Authority – which found Ithala Bank to be technically and legally insolvent, putting over 2-hundred depositors at risk of losing their funds. He however further expressed his disappointments that the officials of Ithala bank whom he says were invited to this meeting, were unavailable for attendance.
“There is political interference on challenges faced by iThala Bank. There is a political party that is causing this confusion. At the end of the day, we will know who is behind this confusion,” he added.
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