Sarb acted unlawfully — court

ABSA CHAIR POST: PIT YANA CLAIMS INFORMAL PROCESS INTERFERED WITH HIS NOMINATION

- Ciaran Ryan

The South African Reserve Bank's (Sarb) Prudential Authority (PA) broke the law and exceeded its powers in raising objections to the appointment of Sipho Pityana as chair of Absa in 2021, the Pretoria High Court ruled on Friday.

Costs were awarded against the respondents, Absa and the PA. Pityana had approached the court for a declaratory order, claiming the PA had acted outside the law by pursuing an informal process that interfered with his potential nomination as chair of the Absa board.

A succession committee within Absa tipped him as the preferred candidate to replace outgoing chair, Wendy Lucas-Bull, who was due to vacate the position in March 2022.

Sexual harassment allegations