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Edtea MEC says closure of Ithala Bank would severely impact KZN's most vulnerable residents.

Edtea MEC says closure of Ithala Bank would severely impact KZN's most vulnerable residents.

IOL News01-05-2025
MEC for Economic Development, Tourism and Environmental Affairs (Edtea) Musa Zondi has emphasised the need for regulatory certainty to clarify the position of entities like Ithala SOC Limited.
Zondi stated that the current challenges faced by the bank starkly contrast with the promises made by the country's parliament. He said, 'Most of the issues confronting this institution stem from its position in a regulatory gap—a gap that parliament can help close. The current version of the Financial Matters Amendment Act of 2019 excludes provincial entities from being licensed as banks.
Zondi made the remarks while delivering his departments budget recently.
'However, parliament's own records indicate an intention to allow Ithala to continue operating under exemptions, pending further deliberations. What is needed now is not only regulatory certainty but also a major transformation exercise to ensure that Ithala SOC Limited continues to serve as a pillar of development, equality, and opportunity in KwaZulu-Natal and beyond.
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Corruption allegations threaten the ANC's renewal campaign in KZN
Corruption allegations threaten the ANC's renewal campaign in KZN

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time5 days ago

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Corruption allegations threaten the ANC's renewal campaign in KZN

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Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. 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Next Stay Close ✕ He underscored the urgency for the ANC to dissociate itself from any acts of corruption and to ensure accountability amongst its leaders, especially given that the party's own renewal programme mandates such actions. Zondi insisted that the ANC should promptly initiate an internal investigation into the allegations and refer the two MECs to its integrity commission. 'It is in the interest of the two MECs to have their names cleared, and it is in the ANC's interest to clear its own name quickly,' he stated, emphasising the critical importance of a swift response to uphold the credibility of the government. Political turbulence surrounded Hlomuka and Simelane, after claims surfaced that their personal business affiliations may have improperly influenced government contract awards. 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In our system of government, the separation of powers is clear, MPLs, including committee chairpersons, have no role in Supply Chain Management or operational decisions of departments. Therefore, I could not have influenced any procurement processes."These facts are easily verifiable, and their deliberate distortion shows that this is not an attempt to inform the public, but rather a well-calculated political smear campaign,' concluded Simelane-Mngadi. ANC in the province fail to comment by the time of publication. DAILY NEWS

KwaZulu-Natal celebrates US Independence Day with a focus on economic partnerships
KwaZulu-Natal celebrates US Independence Day with a focus on economic partnerships

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KwaZulu-Natal celebrates US Independence Day with a focus on economic partnerships

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Ematsheni redevelopment in Pietermaritzburg city centre: R18 million project to boost informal economy
Ematsheni redevelopment in Pietermaritzburg city centre: R18 million project to boost informal economy

IOL News

time17-07-2025

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Ematsheni redevelopment in Pietermaritzburg city centre: R18 million project to boost informal economy

An artist's impression of the Ematsheni Public Market redevelopment in the Pietermaritzburg CBD. Image: Supplied The crime-infested site Ematsheni in Pietermaritzburg's CBD is set to be redeveloped with the intention of revitalising the area for informal economic activity, at an estimated total cost of R18 million. About R4m has been made available for the first phase of the project, which could start as early as September. The contractor for the project is expected to be appointed by next month. Officials from the Msunduzi Municipality, who are leading the project, provided details on it when they appeared before the Economic Development Committee in the provincial legislature this week. This meeting followed an oversight visit by committee members to the area. The first phase of the development is funded by the Department of Economic Development, Tourism and Environmental Affairs. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading 'The municipality has sought funding to rebuild the area and ensure that the people who were operating there legally have a new area where they can operate,' she said, adding that as a result the municipality applied to the provincial government to rebuild the site and received about R3m in funding. 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She added that they had been able to source additional funding from the National Treasury for the other phases of the project. Speaking on when the construction work will get underway, she said they will be appointing a contractor soon from the municipal panel of building contractors. This should be concluded by August for phase one, with work commencing on-site by September. Phase one is expected to take nine months and should be completed by 2026. Economic Development Committee member Super Zuma expressed scepticism about the project, stating, "From what I am seeing, the scope of what had been promised has drastically reduced from what was presented before, and I am sceptical. What guarantees do we have that what you are promising now will be delivered?" Chairperson of the committee, Mafika Mndebele, stated that the Portfolio Committee on Economic Development and Tourism convened the engagement with representatives from Msunduzi to assess progress on key community-based economic projects. 'We are encouraged by the reports presented and the commitments made by all stakeholders. The committee is satisfied that these projects are on track and continuing as planned. 'They are already demonstrating tangible benefits for the local economy, particularly in creating opportunities for SMMEs, advancing township and rural enterprise development, and supporting inclusive local economic growth. 'These are not just infrastructure projects — they are instruments of economic justice and empowerment. They bring services closer to the people, stimulate job creation, and activate local supply chains that help small businesses to thrive. 'We will continue to exercise robust oversight to ensure that the impact of these projects reaches all intended beneficiaries and that any delays or implementation challenges are swiftly resolved.' THE MERCURY

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