Boardroom brawl breaks out at BBS

Information sourced by Mmegi this evening suggests that the squabble broke out in recent days over non-executive board members’ decision to extend their terms beyond the three year limits which end on April 26. BBS Limited shareholders, who include the MVA Fund and other government related entities, are due to elect a new board on April 30, with five nominees already in the hat to replace the existing non-executives.

Documents indicate that on April 1, the five non-executive members, led by Siwawa-Ndai, held a meeting where Molefe was told to excuse himself, before resolutions were made to extend the terms of service by a further 90 days after April 30.