Zulu King Misuzulu kaZwelithini has declared war on those who want to close the embattled Ithala Bank and vowed to defeat them.
Speaking at a imbizo held at Mashobeni royal palace in Nongoma on Friday, the king said those who want to close the bank were attacking the monarchy.
“We cannot allow people to point fingers at us, we will be forced to defend ourselves,” he said.
The king said he knew who was behind the impending closure of Ithala Bank.
“I know there is a political party behind the attack on Ithala Bank and they need to know they will not succeed,” he said.
Last month the Repayment Administrator (RA) acting under the auspices of the Prudential Authority (PA) of the South African Reserve Bank (SARB) filed papers in the Pietermaritzburg high court for the financial entity’s provisional liquidation.
The PA — responsible for the prudential regulation of banks and insurance companies within the South African Reserve Bank — said it believed this action was in the best interests of the about 257,000 depositors in Ithala, as the appointed liquidator will be able to use insolvency legislation to recover and distribute their funds to the extent that it is possible.
An attempt to close Ithala is an attack on the monarchy and that's war, says Zulu king
Image: SANDILE NDLOVU
Zulu King Misuzulu kaZwelithini has declared war on those who want to close the embattled Ithala Bank and vowed to defeat them.
Speaking at a imbizo held at Mashobeni royal palace in Nongoma on Friday, the king said those who want to close the bank were attacking the monarchy.
“We cannot allow people to point fingers at us, we will be forced to defend ourselves,” he said.
The king said he knew who was behind the impending closure of Ithala Bank.
“I know there is a political party behind the attack on Ithala Bank and they need to know they will not succeed,” he said.
Last month the Repayment Administrator (RA) acting under the auspices of the Prudential Authority (PA) of the South African Reserve Bank (SARB) filed papers in the Pietermaritzburg high court for the financial entity’s provisional liquidation.
The PA — responsible for the prudential regulation of banks and insurance companies within the South African Reserve Bank — said it believed this action was in the best interests of the about 257,000 depositors in Ithala, as the appointed liquidator will be able to use insolvency legislation to recover and distribute their funds to the extent that it is possible.
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However the move has sparked frenzied opposition from the KwaZulu-Natal government and the royal household.
The king said those behind an attack on the Zulu throne were working with Prince Mbonisi Zulu who had challenged his legitimacy as Zulu monarch.
He also said he will defend the Ingonyama Trust Board (ITB) from those who want to use the organisation for self-enrichment.
He said he did not recognise the current board members because he had suspended them.
“The board is an illegitimate structure and they need to know that their days in offices are numbered,” he said.
The king was mum regarding his postponed wedding to Nomzamo Myeni last month and the courting of a new bride-to-be, Princess Sihle Mdluli from Mpumalanga.
He also did not say anything regarding the alleged firing of Prince Vanana Zulu as Zulu regiments co-commander.
TimesLIVE
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