BILLIONS IN SECRET BAILOUTS — YOUR MONEY IS LOCKED AWAY WHILE BIG BANKS GET PAID
A staggering R2.2 billion of your tax money is now being funneled to clean up a financial catastrophe. While officials celebrate moving “50% of the funds,” the terrifying truth is being buried: this is a MASSIVE GOVERNMENT FAILURE kept alive by endless bailouts.
This isn’t just a refund. This is a RESCUE MISSION for a bank that operated outside the law for years. Ithala, owned by the KwaZulu-Natal government, has already sucked up over R450 million in bailouts since 2018. Now, the National Treasury is draining another R2.2 billion to refund customers who were LOCKED OUT OF THEIR OWN ACCOUNTS.
FNB CEO Harry Kellan boasts about processing R1 billion in 29 days. But read his own words: their “orderly” process means thousands must WAIT FOR AN SMS just to access their own cash. Visit without the magic text? You’ll be punished with endless queues. This is control, not service.
Why were accounts frozen? The South African Reserve Bank reveals the shocking core: Ithala abused its legal exemptions for YEARS, mixing customer deposits with risky loans. The lockdown was to stop a bank run—a panic they created. Now, the very system that failed you is managing the payout.
Who pays? YOU DO. Through billions in public funds. Who stays silent? The officials who allowed this reckless entity to operate while ordinary people suffered. The “orderly process” hides the DISORDER and DANGER of a financial system that protects itself first.
Your money was never safe. And the people in charge are still deciding when you get it back.
Author: Kayitsi.com
