KwaZulu-Natal Premier, Honourable Thamsanqa Ntuli, has announced a historic breakthrough in resolving the challenges affecting Ithala SOC Limited, confirming that depositors will begin accessing their funds before Christmas. This follows months of intensive intergovernmental engagements involving the Office of the President, National Treasury, and the KwaZulu-Natal Provincial Government.
Speaking during a media briefing held on 1 December 2025, Premier Ntuli detailed key developments relating to Ithala SOC Limited, provincial governance-strengthening measures, and progress on the Youth Empowerment Fund investigation.
Turning the Corner at Ithala SOC Limited
The Premier emphasised that Ithala is more than a financial institution — it is a pillar of developmental finance and an anchor of inclusive economic participation for historically marginalised communities. Addressing longstanding structural challenges inherited from previous administrations has been a priority for the 7th Administration.
Premier Ntuli confirmed that all legal and administrative agreements required to unlock the repayment process have now been finalised. This achievement “marks a turning point for Ithala and a commitment to ensuring that such disruptions do not occur again”.
He expressed deep regret for the distress experienced by families and businesses during the period of uncertainty, acknowledging the human impact: delayed rent and school fees, halted business operations, and immense financial strain.
“With the agreements now concluded, we move decisively into the operational phase,” he said.
Depositors to Receive Funds Before Christmas
The Premier announced that the final green light has been secured for depositors to start accessing their funds before Christmas. Detailed public instructions will now be issued on:
• When and where funds can be collected
• Which branches and service points will operate
• Required documents for verification
• Support for vulnerable or elderly depositors
To ensure accessibility, communication will be in isiZulu and English, and information will be distributed through branches, community radio, traditional leadership structures, government platforms, and social media.
The Premier also cautioned depositors to beware of scammers. “No official is authorised to request any fee to release funds. This process will be fully transparent, lawful, and people-centred,” he said.
A long-term repositioning strategy for Ithala is being finalised to strengthen governance, stabilise capital structures, and reinforce its developmental mandate.
The Premier extended special appreciation to MEC Musa Zondi (EDTEA), MEC Francois Rodgers (Provincial Treasury) and the Executive Council for their support in concluding the matter.
Strengthening Governance Across the Province
Providing an update on governance improvements, Premier Ntuli confirmed that:
• KwaZulu-Natal had 474 pending misconduct cases as at 1 November 2025.
• 119 cases have been finalised, reducing the active caseload to 355.
• Active suspension cases have dropped from 52 to 46.
Interventions underway include Operation MBO (a case-reduction and tracking programme), improved collaboration with Organised Labour, and mass training for presiding and investigating officers — with specialised focus on the Department of Health.
These measures are part of the Administration’s commitment to clean, ethical, and accountable governance.
Update on Youth Empowerment Fund Investigation
Turning to youth development, the Premier reaffirmed the province’s commitment to empowering young entrepreneurs and enhancing economic participation among the youth.
Following allegations of mismanagement in previous Youth Fund allocation cycles, the Premier commissioned a full investigation covering applications and awards for the 2023/24 and 2024/25 financial years.
The investigation report has now been submitted and reviewed. It identified systemic gaps in processes and made recommendations for stronger internal controls.
Key outcomes include:
• 19 applications were validated and will receive funding before December 2025 ends.
• 38 applications were incomplete; applicants will have 30 days to rectify issues.
• 2 applications were cancelled after it emerged the applicants were not KZN residents.
• The remaining 36 applications are undergoing final processing.
The Premier committed to meeting all affected beneficiaries and applicants to provide feedback and outline corrective steps.
“We want to assure the youth of KwaZulu-Natal that we will do everything to ensure the process is transparent and just,” he concluded.