Pityana to take ABSA to court

Reading Time: 1 minute

Businessman, Sipho Pityana says he will take the ABSA Group to court after the board fired him as a director, saying he was derelict in his duty and failed to act in the best interest of the bank.

The matter related to the legal action that Pityana brought against the Reserve Bank’s Prudential Authority, wherein Pityana accused the Authority of engaging in an unlawful and informal process with Absa, which resulted in him not being considered for the role as chair of ABSA.

ABSA has denied Pityana’s allegations saying he had never addressed the matter with the bank formally.

Pityana says he is taking action

He says, “The board of Absa could have possibly been derelict in its duties and neglected to challenge the authority in encroaching on the role and responsibility of the board. I would have expected of the board to show regard and respect for our judiciary.”

“ After all these matters are before the courts. Why rush, why jump into a decision to remove me from the board instead of waiting for the courts to deliberate, to consider the facts and arrive at a conclusion,” Pityana adds.

In the video below, Pityana speaks to SABC News: