Former EFF chief of staff Sentletse Diakanyo has lost his bid to get Nedbank to reinstate his shares.
The bank was his employer before he joined the party. He was its head of risk, compliance and reserve bank liaison.
His position entitled him to receive option shares, allocated to him in 2008 under a scheme known as Nedbank Eyethu Black Executive Trust.
Diakanyo was granted further shares in either 2011 or 2012. These shares were the subject of his court application.
He wanted the North Gauteng High Court in Pretoria to compel Nedbank to reinstate the shares on the basis that the Commission for Conciliation, Mediation and Arbitration (CCMA) ruled that his dismissal in February 2014 was substantially unfair.
The CCMA found there was a breakdown of trust between the two, and therefore opted against his reinstatement.
It instructed Nedbank to compensate Diakanyo.
This payout and the fact that he parted ways with Nedbank before the shares could vest in 2015, meaning before they could be accessible to him, counted against him.
Judge RE Monama ruled yesterday that accepting compensation had repercussions. "One such consequence is to confirm the dismissal.
"It is correct that the commissioner [of CCMA] found the dismissal to be unfair. He ordered compensation,
"He advanced cogent reasons why he cannot order reinstatement. Any termination of employment . remains [a] dismissal," Monama said.
The CCMA ruling effectively severed ties between Diakanyo and Nedbank and excluded him from the shares.
EFF man Sentletse Diakanyo loses bid to get shares
Former EFF chief of staff Sentletse Diakanyo has lost his bid to get Nedbank to reinstate his shares.
The bank was his employer before he joined the party. He was its head of risk, compliance and reserve bank liaison.
His position entitled him to receive option shares, allocated to him in 2008 under a scheme known as Nedbank Eyethu Black Executive Trust.
Diakanyo was granted further shares in either 2011 or 2012. These shares were the subject of his court application.
He wanted the North Gauteng High Court in Pretoria to compel Nedbank to reinstate the shares on the basis that the Commission for Conciliation, Mediation and Arbitration (CCMA) ruled that his dismissal in February 2014 was substantially unfair.
The CCMA found there was a breakdown of trust between the two, and therefore opted against his reinstatement.
It instructed Nedbank to compensate Diakanyo.
This payout and the fact that he parted ways with Nedbank before the shares could vest in 2015, meaning before they could be accessible to him, counted against him.
Judge RE Monama ruled yesterday that accepting compensation had repercussions. "One such consequence is to confirm the dismissal.
"It is correct that the commissioner [of CCMA] found the dismissal to be unfair. He ordered compensation,
"He advanced cogent reasons why he cannot order reinstatement. Any termination of employment . remains [a] dismissal," Monama said.
The CCMA ruling effectively severed ties between Diakanyo and Nedbank and excluded him from the shares.
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