Premier Ntuli welcomes resignation of entire Ithala Board amid turnaround efforts

KwaZulu-Natal Premier Thami Ntuli has welcomed the resignation of the entire board of the state-owned company, Ithala.

The five-member board had only recently been formalised at the recent Annual General Meeting.

Ntuli has reiterated that the provincial government will act with urgency to ensure the state-owned company emerges stronger and is properly governed. The move comes as the company works to rebuild its reputation, compliance, and capacity after years of systemic challenges.

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The institution has faced significant hurdles over the past year.

In 2025, the Prudential Authority applied to liquidate Ithala, citing technical insolvency.

However, that legal action has since been withdrawn. Following a direct intervention by the National Treasury, Ithala has begun the process of repaying investors who were unable to access their funds for several months.

The Premier views these leadership changes as a necessary step in the province's broader strategy to restore trust in the entity.

"Premier Thamsanqa Ntuli emphasised that these resignations must be understood within the broader context of the decisive interventions being undertaken by the Provincial Government to stabilise and reposition Ithala as a credible, resilient, and forward-looking financial institution that serves the developmental aspirations of the people of KwaZulu-Natal," said spokesperson Lindelani Mbatha.