Today's Labour News

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OldMutualSunday Times Business Times reports that the Public Investment Corporation (PIC), as a major shareholder in Old Mutual, has taken a keen interest in the fracas between former CEO Peter Moyo and the company.  

PIC chair Reuel Khoza said last week:  "We could not sit back as a major shareholder and not take accountability where our investee company is concerned."  He added there had been "communication at executive level on several occasions, but at board level I have personally taken the trouble to talk to Moyo and his lawyers and get to understand what their stance is in terms of how best to resolve this situation".  He said he was given a commitment that they would prefer to settle out of court, but they had had to go to court because they felt they were "not adequately listened to".  They were amenable to settling the dispute amicably long before the November court date.  The PIC wrote to Trevor Manuel, Old Mutual chair, to request that the matter be addressed urgently.  This was followed by a meeting at the PIC offices.  Khoza said the exchange of a number of letters and the meetings the PIC had had with Old Mutual were at this stage "perhaps good enough", but if nothing happens "we might have to perhaps seriously consider the next step, and that next step cannot be announced through the media".

  • Read the full original of the report in the above regard by Asha Speckman at BusinessLive (paywall access only)

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