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BusinessLive reports that Peter Moyo, who was axed as Old Mutual CEO on Tuesday after having been suspended three weeks ago, is not going quietly.
The insurer has cited a conflict of interest due to Moyo’s involvement with a financial services company that he helped found in the early 2000s. But, he has vowed to clear his name in court after Old Mutual accused him of wrongly pocketing more than R30m in dividends from NMT Capital. Moyo was CEO at NMT when he was initially recruited as the CEO of Old Mutual Emerging Markets in 2017. The company said when it first suspended Moyo that the CEO had done nothing wrong or dishonest, and praised his performance. The standoff has since turned decidedly ugly, with the insurer announcing on Tuesday that it intended to terminate the relationship with the CEO, accusing him of potentially breaking company law in the process. He vehemently rejected this and said all transactions were done in the open with Old Mutual’s awareness. Moyo called the company’s allegations "incomplete at best and misleading at worst". When Old Mutual suspended Moyo, chair Trevor Manuel said that there was no financial misconduct.
- Read the full original of Londiwe Buthelezi’s report on the above story at BusinessLive
- See too, Moyo to take Old Mutual to court (includes text of Moyo’s statement), at Moneyweb
Get other news reports at the SA Labour News home page