By Levy Masiteng
The board of Ithala SOC Limited has resigned, KwaZulu-Natal Premier Thamsanqa Ntuli announced on Tuesday.
Ntuli said the resignations were received and processed at the institution’s recent annual general meeting.
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He said this was part of efforts to stabilise Ithala and restore public confidence in the institution. More announcements on governance reforms and stabilisation measures would follow, the premier added.
The resignations follow public signals over the weekend that the province was preparing to reconfigure the board.
On 12 April, the KwaZulu-Natal government said “decisive action” was underway, including an urgent shareholder meeting, board reconfiguration, and investigations into executive management, after “serious” governance and compliance failures at Ithala.
Reports a day later said the AGM would cut short current board memberships.
The board shake-up comes as the province tries to steady Ithala after National Treasury said
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