Today's Labour News

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OldMutualBL Premium reports that according to Old Mutual, former CEO Peter Moyo is not a whistle-blower and he is creating a false narrative about his departure from the company.  

This was said by the life insurer in court papers that also outlined damning details on its relationship with NMT Capital, the company that Moyo co-founded.  Moyo, who was suspended in May and fired in June for his handling of a conflict of interest, filed papers two weeks ago demanding to be reinstated and alleging that Old Mutual board chair Trevor Manuel had it in for him.  Moyo said that after he questioned why Old Mutual should stump up for Manuel’s legal costs, the former finance minister turned the rest of the board against him.  He wants Old Mutual’s nonexecutive directors to be declared delinquent, because Manuel was allegedly able to hold sway over them.  But, the company secretary, Elsabé Kirsten, said in an answering affidavit filed on Tuesday that Moyo’s argument had fundamental legal flaws and the facts he presented were "extraordinary".  And in relation to Manuel’s legal fees, she said, Moyo "actively promoted the expenditure".  The notion that Moyo was a whistle-blower was clearly conceived after the fact, Kirsten claimed.  In its no-holds-barred response, Old Mutual stated that the decision to fire Moyo was based on a "complete breakdown in trust and confidence".  Moyo, as a highly paid executive in the financial services industry, had to be held to a high standard and his actions had to be consistent with the interests of the company, Old Mutual pointed out.  It denied Manuel was conflicted, saying protocols were in place to safeguard against that.

  • Read the full original of the report by TJ Strydom and Ann Crotty in the above regard at BusinessLive (paywall access only)

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