'Sarb's conduct is atrocious!' - Pityana on being blocked from Absa post
Business executive Sipho Pityana (former Business Unity SA president) is taking the Reserve Bank to court after its banking authority blocked his nomination for Absa chairperson.
Pityana says it is because the regulator circumvented appointment processes and used a false sexual harassment charge against him, that he lost the opportunity.
In a statement this week, the former AngloGold Ashanti chairperson proclaims that the claim made public by former Absa CEO Maria Ramos, is false.
Absa has appointed a new chair amid the storm ignited over the apparent snub of Pityana.
Bruce Whitfield asks Pityana about the reasons why he says the Reserve Bank's Prudential Authority blocked him.
I have approached the regulator at the courts to challenge what I consider to be unlawful conduct on their part.Sipho Pityana, Businessman and former Busa president
This is because of the way they introduced what they called an informal process, in terms of which they circumvented the provisions of Section 60 of the Bank Act which clearly defines the responsibility of the board in determining who best is suited...Sipho Pityana, Businessman and former Busa president
... setting its own criteria and nominating that person formally in a prescribed form and submitting that one name to the regulator... who then takes it through a process of assessing with a view to determining whether the person is fit and proper or it is in the public interest for them to assume the role.Sipho Pityana, Businessman and former Busa chair
I don't think there is dispute about the process as I outlined it... In response to my public statement the regulator in fact affirmed that to be the case.Sipho Pityana, Businessman and former Busa president
Pityana elaborates on why he asserts the regulator circumvented the process.
As part of this exercise it [the regulator] introduced a process of determining 'the fit and proper' which is its prerogative... In doing so it abandoned all the safeguards that are provided in law that would otherwise afford me a right to be heard if they had concerns, convey those concerns to me, if they object give reasons why... and allow me... or the Absa board if they are not happy... to take that matter through arbitration.Sipho Pityana, Businessman and former Busa president
In many ways I have been treated in this process worse than the worst criminal who has a right to be heard through a court of law.Sipho Pityana, Businessman and former Busa president
Aside from losing out on the Absa chair position, Pityana is concerned about the damage the regulator's action does to his reputation.
Ostensibly these allegations were mentioned to the regulator by the current chairperson of AngloGold Ashanti, Maria Ramos... I have not been given a written submission on her part...Sipho Pityana, Businessman and former Busa president
The Absa Board did what I thought was right. They subjected the concerns of the regulator... to an independent legal review... and they came back with the conclusion that the investigation and its outcome by AngloGold Ashanti are flawed and that they wouldn't constitute a sufficient basis to take an adverse position in regard to my prospects of being the chairman...Sipho Pityana, Businessman and former Busa president
The problem is that a decision by the regulator that one may not be a fit and proper person is very damaging, not only regard to my standing as a Director on the Absa Board, but in society. I've worked very hard to build a reputation that is premised on integrity and honour.Sipho Pityana, Businessman and former Busa president
Listen to Pityana's passionate argument on The Money Show:
This article first appeared on CapeTalk : 'Sarb's conduct is atrocious!' - Pityana on being blocked from Absa post
Source : EWN.