Absa and Pityana both see victory in court decision

The Pretoria High Court last week dismissed an application by former Absa director Sipho Pityana to release board documents that he believes show the SA Reserve Bank’s Prudential Authority unlawfully interfered in his removal as a director of the bank in November 202, and scuttled his chances of being appointed group chair.

The case stems from accusations of sexual harassment against Pityana by an employee while he was serving as chairman of AngloGold Ashanti, a charge he has steadfastly denied. This came when he was serving as the lead independent director on the Absa board and was the preferred candidate to replace the outgoing chair, Wendy Lucas-Bull.

Though last week’s court ruling dismissed his application for the release of certain board documents, Pityana says the judgment advances his main case, in which he is asking the court for a ‘declarator’ that the Prudential Authority failed to follow the process for nominating a senior bank official as outlined in Section 60 of the Banks Act. This declarator, if successful, is almost certain to be followed by a substantial damages claim against the authority.

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