Molefe 'foils' board's new ouster strategy

In a statement to the building society’s shareholders today, Molefe said he had intended to reach out to the board members to forge a way forward but was disappointed to learn that the directors still wanted to dismiss him and Showa despite the High Court ruling.

Molefe and the board have fallen out in recent weeks over allegations that five directors are attempting to extend their terms beyond the April 30 AGM. The board resolved to dismiss Molefe and Showa two weeks ago, but Lobatse High Court judge Tebogo Tau, on Monday ruled that the meeting that took the decision was unconstitutionally convened.