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MEDIA STATEMENT ON THE ARREST OF A FORMER ITHALA EMPLOYEE

Published: Monday, May 10, 2021

Education Community AffairsCommunity DevelopmentCurrent AffairsBanking

STATEMENT ON THE ARREST OF A FORMER ITHALA EMPLOYEE:  The former Ithala employee who cannot be named as he still has to appear in court, is alleged to have received over R1 million for facilitating the purchase of a quarry in Port Shepstone.Bot h the investigation and arrest is welcomed by Ithala as there are ongoing efforts to root out corrupt elements within the entity.

    Two weeks ago the law enforcement agency, the Hawks made an arrest of a former employee of Ithala for alleged involvement in the awarding of a loan of R 30 221 524 to an applicant who was purchasing assets in Port Shepstone.

    The former Ithala employee who cannot be named as he still has to appear in court, is alleged to have received over R1million for facilitating the purchase of a quarry in Port Shepstone.

    Both the investigation and arrest is welcomed by Ithala as there are ongoing efforts to root out corrupt elements within the entity. 

    The Group Chief Executive Office of Ithala, Pearl Bengu said the entity was committed to upholding good governance and ethical leadership as it carries out its mandate of contributing to economic development in the province of KwaZulu-Natal.

    “While many of the cases being investigated by us and the law enforcement agencies happened before our time, the Ithala executive will ensure that we uphold good governance and ethical leadership in this institution that is mandated to help grow the economy in this province,’ Bengu said.

    She however lamented the fact that a number of those accused of wrong - doing had long left the institution. But she expressed the hope that the long arm of the law will eventually apprehend the culprits.

    The former Ithala employee was arrested two weeks ago in connection with this matter is expected to appear in court on 11 May 2021.

    -ENDS

    Issued by:            

    ITHALA DEVELOPMENT FINANCE CORPORATION

    29 Canal Quay Road, Point Waterfront, Durban

    www.ithala.co.za 

    031 907 8911