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Absa fires Pityana: We are waiting to see how everything will play out - ABSIP

25 November 2021 7:18 AM
Tags:
Sipho Pityana
Reserve bank
Absa

Association of Black Securities and Investment Professionals deputy president Langa Madonko reflects on Pityana's dismissal.

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

Absa Group and Absa Bank Boards announced his removal as director with immediate effect.

On Tuesday, Pityana was given the opportunity to address the Boards' allegations that he had been derelict in the performance of his functions as director.

RELATED: 'It's an outrage!' Sipho Pityana hits back after he's fired from Absa boards

It was found that the business executive had "pursued his own personal interests to the detriment of Absa and thereby created a material and sustained conflict between his interests and those of Absa."

Pityana told Bruce Whitfield that it's an outrage that a corporate citizen of Absa's standing would see fit to take the kind of action that they have, which for all practical purposes is about denying him his right to exercise his constitutional rights and legal rights in terms of the Banks Act.

Clement Manyathela on 702Breakfast chats to Association of Black Securities and Investment Professionals deputy president Langa Madonko reflects on Pityana's dismissal.

There has been tumultuous squabbles happening at Absa and the important this is that when discussing issues of financial services, we highlight its significance in the role it plays in underpinning the economy.

Langa Madonko, Deputy president - Association of Black Securities and Investment Professionals

He adds that his organisation is waiting to see how the whole matter will play out.

Matters relating to governance are not matters to be taken lightly.

Langa Madonko, Deputy president - Association of Black Securities and Investment Professionals

Listen below to the full conversation:




25 November 2021 7:18 AM
Tags:
Sipho Pityana
Reserve bank
Absa

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