Not backing down without a fight: Pityana to challenge his dismissal at Absa

Sipho Pityana failed to convince the board that suing the Reserve Bank’s Prudential Authority did not harm the banking group.

FILE: Sipho Pityana. Picture: Eyewitness News

JOHANNESBURG - Sipho Pityana - who’s been fired as director on the boards of Absa - is going full steam ahead to challenge his dismissal.

Pityana failed to convince the board that suing the Reserve Bank’s Prudential Authority did not harm the banking group.

The businessman took on the Prudent Authority in October, accusing it of unfairly blocking his move to become Absa’s board chair.

The bank has now axed him, saying he neglected his duties and pursued his own personal interests.

In a statement on Wednesday, the Absa group said Pityana would no longer serve as a board member due to his conduct.

But Pityana has hit back and is going to court: “I’m astounded and disappointed and this is a decision that stands to be challenged and I have instructed my legal team to prepare court papers to challenge this.”

The businessman said his termination was unlawful: “The fact that they decided to jump the gun and acting against me for taking this route, clearly there is contemptuous of our legal system and constitutional law.”

Last month, Pityana instituted legal action against both Absa and the Prudential Authority accusing them of blocking his appointment to the chairmanship position at Absa.

Both entities have denied the allegations, stressing that Pityana was never formally nominated for the role.

Speaking on the Money Show on Wednesday evening, the businessman said: “Nothing that has been advanced meets those requirements. Ordinary South Africans will accept that taking Prudential Authority to court where you feel that it has acted unlawfully, cannot be said to be constituting neglect of a director's responsibilities to the company.”