Pityana prepares for another legal showdown with Absa and SA Reserve Bank

FORMER Absa board member Sipho Pityana is bracing for another bruising battle with the bank as well as the South African Reserve Bank (Sarb) in the court of law in his fight for reform in the banking sector.

- SIPHELELE DLUDLA

This comes as Absa and the Sarb's Prudential Authority (PA) both filed applications for leave to appeal the Pretoria High Court ruling last month that vindicated Pityana in his claim that the PA broke the law in interfering with his possible nomination as Absa chair in 2021.

The PA controversially consulted with third parties regarding his suitability for the chairperson role, particularly following inquiries into his resignation from AngloGold Ashanti amid allegations of sexual harassment - claims he firmly denies.

The court found that the PA acted unlawfully by adopting an informal process to review Pityana's nomination, as prescribed by the regulations in place under the Banks Act.