
Pretoria – The National Treasury has provided assurances to retail depositors of Ithala SOC Limited that their investments will be protected by a government guarantee.
This confirmation follows the Prudential Authority’s move to initiate provisional liquidation for Ithala SOC Limited.
“We understand that depositors may have worries about the security of their funds,” the National Treasury remarked in a brief statement on Thursday, (16 January 2025).
“The National Treasury wishes to reassure the retail depositors of Ithala SOC Limited that their deposits will be backed by a government guarantee, pending the completion of necessary technical procedures.
“These procedures entail offering a government guarantee to one or more banking institutions to ensure the prompt transition of depositor accounts and the access to funds.
“We are working closely with the Prudential Authority to guarantee a seamless process that prioritizes the needs of depositors.
“While depositors are encouraged to urgently seek alternative banking arrangements, they can be assured that we will do our utmost to safeguard their funds.”
The National Treasury stated that it will provide additional information about the process for accessing guaranteed funds after the court’s decision on the liquidation petition.