Controversial former Ukhozi FM presenter, Ngizwe Mchunu, has pleaded with the uMkhonto weSizwe Party's newly appointed National Coordinator Floyd Shivambu to not set foot in KwaZulu Natal as he might loot the provincial financial institution, Ithala Bank, following the VBS saga. Ironically, the Financial Sector Conduct Authority (FSCA) announced today that they have suspended the Ithala Bank's licence.
Ngizwe Mchunu is attacking MK Party national organiser, Floyd Shivambu!!! ? pic.twitter.com/UMGKrrlv2w
— m a s h è s h a ? (@_mashesha) August 22, 2024
HE WON'T LET HIM 'LOOT' ITHALA BANK
Mchunu made the comments in a video shared on his social media platform last night, a few hours after Shivambu's position at the party. "Shivambu is very dodgy; he has a skill to deceive and manipulate people. They looted VBS, and now he wants to come here and loot Ithala. The next thing you will hear is that the bank is funding MK Party, and it will be the end of it. The keys to Ithala must be hidden by the Zulu Royal House," he said. Mchunu further revealed that the reason he didn't join the MK Party was because Jacob Zuma's daughter and MP Duduzile Zuma-Sambuda swore at him. "People don't know why I never joined MK; I decided not to join or to campaign for the MK because Duduzile called me a motherf*ck*r. That woman is very disrespectful. She is nothing like her father. I won't allow anyone to disrespect me when the King Misuzulu appointed me to be the King of Amabhinca," he said.
THE BANK'S LICENCE SUSPENDED
According to FSCA, the bank's licence was suspended after it failed to submit its financial reports for two years. In a statement, FSCA said that the suspension became effective from 26 July 2024. Following the suspension decision, Ithala made an application to the Financial Services Tribunal for the reconsideration of the FSCA's decision and simultaneously applied for the interim suspension of the decision pending the outcome of the reconsideration application. The Tribunal dismissed the interim application yesterday, and the suspension will remain in place until Ithala meets the conditions for the lifting of the suspension of its licence. A hearing date for the reconsideration application before the Tribunal has not yet been determined. When told that the bank was no longer operating, Mchunu rejoiced and said: "God is great," he said and refused to comment any further.
NOT THE FIRST TIME
Last year, Mchunu warned EFF leader Julius Malema not to set foot in the province to launch his party's manifesto ahead of the elections. At the time, Ngizwe said Malema should launch his party manifesto in Seshego, where his ancestors would understand his language. "The people from here hear from us, and you'll find them from us. If you want them, you must explain to us why you need them first; speak isiZulu. You can only load Shangane people and bring them here; no Zulu person will attend his event at Moses Mabhida Stadium." His comments landed him in hot waters when the EFF wrote to his sponsor, JAC Motors, complaining about his comments, which they referred to as tribalistic. JAC Motors took the bakkie he was driving away from him. MK Spokesperson Nhlamulo Ndhlela said he is not going to entertain Mchunu's utterances. "Who's Ngizwe Mchunu? Unfortunately, we don't respond to useless nonsense," he said.
