Zulu King Misuzulu kaZwelithini has issued a stern warning to those seeking to close the embattled Ithala Bank, declaring that he will not allow the institution to be shut down. Speaking at an imbizo held at Mashobeni Royal Palace in Nongoma, northern KwaZulu-Natal, on Friday, the king accused unnamed political forces of attacking the monarchy through their efforts to liquidate the bank.
“We cannot allow people to point fingers at us; we will be forced to defend ourselves,” King Misuzulu said. He claimed to know the political party behind the move to close Ithala Bank, stating, “I know there is a political party behind the attack on Ithala Bank, and they need to know they will not succeed.”
The king’s remarks come after the Repayment Administrator (RA), acting under the Prudential Authority (PA) of the South African Reserve Bank (SARB), filed papers in the Pietermaritzburg High Court last month for the provisional liquidation of Ithala Bank. The PA argued that the move was in the best interests of the bank’s approximately 257,000 depositors, as a liquidator could recover and distribute their funds under insolvency legislation. However, the decision has faced strong opposition from the KwaZulu-Natal government and the Zulu royal household.
King Misuzulu also addressed the Ingonyama Trust Board (ITB), which oversees land held in trust for the Zulu nation. He accused certain individuals of attempting to use the ITB for self-enrichment and declared that he did not recognize the current board members, whom he had previously suspended. “The board is an illegitimate structure, and they need to know that their days in office are numbered,” he said.
The king further alleged that those targeting the Zulu throne were collaborating with Prince Mbonisi Zulu, who has challenged his legitimacy as the Zulu monarch. However, he did not provide further details on these claims.
Notably, King Misuzulu remained silent on other pressing matters, including the postponement of his wedding to Nomzamo Myeni last month and his recent courtship of Princess Sihle Mdluli from Mpumalanga. He also did not address the alleged dismissal of Prince Vanana Zulu as co-commander of the Zulu regiments.
The imbizo highlighted the king’s determination to protect institutions he views as integral to the Zulu monarchy and its people. As the legal and political battles over Ithala Bank and the ITB continue, King Misuzulu’s defiant stance signals a deepening conflict over the future of these entities and their role in KwaZulu-Natal’s socio-economic landscape.
