The Botswana Building Society Limited (BBSL) Board of directors is at it again with their ‘Tom and Jerry’ affairs. Just when one would think the hide and seek games would cease after court orders, it seems neither of the sides wants to concede defeat.
The Board of directors is determined to get its Managing Director (MD) and Secretary out of the equation before their Annual General Meeting (AGM) scheduled for April 30, 2021. According to the Board, the duo is guilty of misconduct and insubordination.
“Stakeholders are advised that the Board did not approve or vet the nominee directors for approval as required by the BBSL Board Charter/King III, and has thus far failed to receive satisfactory answers from Messrs. Molefe and Showa as to how these names had been included in the Notice, which Notice had been published without the company’s approval. The process requires a shareholder to propose names to the Board and not management, for the Board to make a recommendation to the shareholders at the AGM: such names or proposals should be made to the Board not less than 21 working days before the AGM.” Mrs. Pelani Siwawa-Ndai, BBS Limited Chairperson asserted.
Though barred to dismiss the two by the High court and the industrial court, the Board, led by Mrs. Siwawa-Ndai says it has resolved to suspend them effect April 20, 2021. The Board says this is done “pending the finalization of the proceedings brought against the Company by the suspended employees, or the completion of investigations into possible professional misconduct by Messrs. Molefe and Showa.”
However, Molefe and Showa has disregarded, and urged Shareholders and Stakeholders to do the same as the purported suspensions are unlawful. Molefe says the directors are pushing a dirty pre-AGM campaign aimed to his and Showa’s reputations.
“As stated above, the suspensions are as invalid as their previous resolution to dismiss us. This matter is before the industrial court (“IC”) and I am optimistic that we will prevail once again. Arguments by both sides on the alleged suspensions are expected to be heard by the IC in the coming week.” Molefe refuted.