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BBS deadlock: Molefe appeals to shareholders

MBONGENI MGUNI
BBS Limited MD, Pius Molefe
BBS Limited MD, Pius Molefe has appealed to the building society's shareholders to make the "correct governance decision" at the upcoming AGM.

Molefe and the board are wrangling over the alleged effort by five directors to extend their terms beyond their April 26 expiry. Board chair, Pelani Siwawa-Ndai wrote dismissal letters to Molefe and company director, Sipho Showa yesterday, which the pair have rejected saying the process taken was unlawful.

In a notice this afternoon to shareholders, Molefe said the pair's legal counsel had advised them to continue reporting for duty, as the row rages on.

Molefe told shareholders their "objective

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intervention" was required on April 30 when the AGM takes place.

"My view remains that it is your decision as shareholders as to which individuals, based on qualifications and criteria for eligibility, should be appointed to your Board, not that of the current director," Molefe said.

According to the CIPA registry, BBS shareholders include the MVA Fund, Botswana Privatisation Asset Holdings, Botswana Police Savings and Loans Guarantee Scheme and others. Shareholders also include local tycoon, Derek Brink.



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