The Botswana Building Society (BBS) Limited boardroom brawl seems far from over after its embattled managing director (MD), Pius Molefe vowed to challenge the interdict the board obtained against him and company secretary Sipho Showa on Friday.
The drama at the building society kicked off last week, after board chairperson, Pelani Siwawa-Ndai wrote letters dismissing veteran MD, Molefe, and company secretary Showa.
Management at BBS said the dismissals were as a result of Molefe challenging the extension of board tenure as unlawful. However, Molefe and Showa were unmoved as they said the letters were void and the meeting held to decide on them was unlawful.
The two executives defied the dismissals and continued to report for duty, prompting the board to approach the Lobatse High Court for an urgent interdict. On Friday, Justice Tebogo Tau granted BBS Limited a temporary interdict returnable on May 5, 2021.
The order interdicted and restrained Molefe and Showa from purporting to represent the company, conducting any business or transactions on behalf of the company and issuing or publishing any statements on behalf of BBS Limited to its bankers, creditors/lenders, regulators, supervisors, professional bodies, stakeholders, including its employees and shareholders and the public.
The order also barred the duo from accessing the company premises, BBS’ bank, accounts and using any other documents, properties, social media platforms belonging to BBS
The interim order also set aside all decisions purportedly taken by either or both Molefe and Showa on behalf of BBS Limited post-dismissal on April 5, 2021. “The respondents should return any and all property of the applicant in their possession within two days of this order being handed down,” read the interim order in part. However, the defiant Molefe has vowed to fight back and challenge the interdict, which he said was obtained behind their backs. “The order was obtained in our absence because the application was not served on us. Obviously, we will challenge the interim order in the shortest time allowable.
The moves by the BBS Limited Board to obtain the interim order surreptitiously is a clear illustration of its lack of confidence in its case and continued attempts to deny BBS Limited Shareholders their right to re-elect them or to elect a new set of Directors,” he stated in a letter addressed to BBS Limited shareholders.
The BBS Limited is set to hold its annual general meeting on April 30, 2021, to amongst others, elect a new board.