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Statement by Mr Senzo Mfayela

Chief Executive Office of The Prince Mangosuthu Buthelezi Foundation

on behalf of The Prince Mangosuthu Buthelezi Foundation

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The Prince Mangosuthu Buthelezi Foundation has a keen interest in, and has followed the governmental and legal processes involving Ithala Bank and all attempts to keep it operating and otherwise liquidating it.

Prince Mangosuthu Buthelezi has always worked for and supported the advancement of marginalized and disadvantaged communities. Ithala Bank is one vehicle that Prince Buthelezi, as Chief Minister of KwaZulu-Natal, used to enable and empower individuals and communities. By simply liquidating the bank will severely disadvantage and further marginalize communities and individuals.

The vision and legacy of Prince Mangosuthu Buthelezi to break the cycle of poverty and give all our people access to opportunities to advance themselves and their communities will be dented by the shortsighted and hardhanded liquidation of Ithala Bank. The Foundation echoes its unwavering commitment to ensuring that communities continue to have access to services that promote economic growth, social upliftment, and financial independence. In a country with a history of economic inequality and exclusion, it is vital that institutions like Ithala Bank remain operational to continue their vital work.

Furthermore, closing or restricting Ithala Bank’s operations would disproportionately affect the very people who rely on its services the most. Many small businesses, individuals, and families have come to rely on the stability and support Ithala Bank provides. The Foundation believes that as a historical institution, Ithala Bank is not just a bank, but a critical lifeline for many people who are working tirelessly to break the cycle of poverty and create a better future for themselves and their families.

The Prince Mangosuthu Buthelezi Foundation calls for all stakeholders to come together in support of Ithala Bank’s continued operations, ensuring that it remains a pillar of financial support for those who need it the most.