The boardroom war undisputed heavyweight champion, Pius Komane Molefe has emerged victorious yet again. Just when many thought he was down and out, it became evident why Molefe is the longtime reigning champion of the boardroom Game of Thrones.
In the turn out of today’s Botswana Building Society Limited (BBSL) events, Messrs. Molefe and Showa’s suspensions has been prematurely lifted. The two were booted out in the eve of the Company’s Annual General Meeting (AGM). The old Board of Directors accused the Managing Director and the Company Secretary- Sipho H. Showa of misconduct after allegedly adding new Board of Directors nominees to the AGM Notice unprocedurally.
“The suspensions of the Managing Director Mr. Pius Komane Molefe and the Company Secretary & Head of Marketing and Communications Mr. Sipho H. Showa were set aside with immediate effect. The Board reached this position after considering and receiving legal opinion on the issue.” The new Board chairman, Bernard Mzizi declared.
The new Board further terminated the agreement which the old Board had with Bookbinder Business Law (BBL) after the AGM. The law Company was engaged by the old Board of Directors in an attempt to nullify the elections results where they were whitewashed.
“The mandate of Bookbinder Business Law in respect of all matters relating to the recently held 2020 Annual General Meeting has been terminated forthwith. BBS legal advisors Armstrongs Attorneys have also been requested to seek a detailed report from Bookbinder Business Law on legal costs incurred by the former Board of Directors.” Mzizi added.
The new board has also, through their attorneys, requested the old board to submit all records of BBS Board minutes, and other records. This includes the correspondences for the month of April 2021 during the boardroom brawl.
The old board have lost their case where they sought to nullify the Board of Directors election results during the recent AGM. During the election, the old board tried to adjourn the meeting, but was resumed through a court order in the absence of the old board.