BBS Board Stares at Defeat

The terms of the five directors, who include chair Pelani Siwawa-Ndai, expired on April 26 and an attempt by them to extend tenures by 90 days set up an acrimonious clash with the managing director, Pius Molefe. The public dispute, which has seen increasingly caustic exchanges and battles in the High and Industrial courts, saw the board suspending Molefe and Sipho Showa, the BBS Ltd company secretary, ahead of the AGM.

On Friday shareholders gathered in person and via Zoom at the AGM, where the five directors walked out after failing to force an adjournment of the board election. Local mogul, Derek Brink, whose family is the single largest shareholder in BBS Ltd with 17.3% equity, secured an 11th hour High Court order restraining the board from adjourning the AGM to a later date.