Sipho Pityana, who was sacked from Absa’s board at the end of November, has launched a legal challenge against the bank seeking his reinstatement as well as compensation. He argued that his removal was in contravention of the Companies Act and  punishment for challenging the Reserve Bank’s Prudential Authority (PA).

Absa removed Pityana from its boards “with immediate effect” on November 24 after saying he was derelict in his duties and that he failed to act in the bank’s interests. The furore between Absa and Pityana erupted when he made the bombshell announcement in October that he was suing the banking regulator for allegedly blocking him from being considered for the role of Absa chair...

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