Following his ousting, Sipho Pityana break his silence with honest and unsparing statement of his own. He moved on to say that the decision taken by the board of Absa group was an unfortunate and, indeed unlawful and said that his legal team have been told to take it on review in the courts.
“The reason for their resolution is that they believe that I have been negligent and derelict in the performance of my duties as a director. This arises out of my decision to take the PA to court, which according to Absa, has created a material and sustained conflict of interests between Absa and me, amounts to a dereliction of my duties as director and led me to neglect your duty with due diligence and care in protecting the interests of Absa.”
He said the board’s assertion that his and Absa’s interests are misaligned is untrue as he did not seek any relief from Absa in his PA application. “I have, for example, not sought to interdict Absa’s nomination or its appointment of a new board chairman. I have accepted his [Sello Moloko’s] appointment.”
He adds that shareholders elected him at Absa’s AGM in June and that he can only be removed as a director under exceptional circumstances. “If I believed that such circumstances prevailed, I would have resigned without ever having been asked to do so.”
Pityana says he was reelected on the same day that the boards decided not to nominate him as chairman “because they were apprehensive about jeopardising their relationship with the Sarb and PA.”
Read Pityana’s full statement here- shorturl.at/swQ17