Ithala: govt to come up with policy

2009-11-20 00:00

THE head of Ithala Bank, Sipho Shabalala, did not attend the KZN Finance Portfolio Committee meeting. In his place was his deputy. Ithala has come under a grilling at previous finance committee meetings over unpaid loans, especially from people linked to the provincial government (related parties).

KZN Economic Development and Tourism MEC Mike Mabuyakhulu said the provincial government has applied its mind and come up with a related-party policy with regards to Ithala Bank.

“By next week we will make a public statement on the matter,” he said.

The committee also heard that the bank is planning to move its headquarters into the Dolphin Whispers Point Road development, which was started by one of its biggest loan defaulters.

Dolphin Whispers was involved in a multi-million rand residential complex development as part of the revamp of Durban’s Point Road. The company went into liquidation and defaulted on its loan repayment to Ithala.

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