Thursday, November 25, 2021

Axed Absa director to bring bank to court

Fired Absa director Sipho Pityana has described his ousting as "outrageous" and "unlawful" as he prepares to mount a legal challenge against the bank's board to fight the decision.

The court challenge follows his action against the SA Reserve Bank's Prudential Authority, which he accuses of blocking his appointment as Absa chair.

He said the Absa board had given him 48 hour's notice to resign as a director on 2 November, stating that his legal action against the Prudential Authority had resulted in a misalignment of interests between his and those of the bank.

He claims that former Absa CEO Maria Ramos informed the Prudential Authority about his sexual harassment allegations from 2020 when they were considering his suitability to chair the Absa board. Absa indicated to the authority that the bank intended to nominate him as chair. 


by Everngelista Muza

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