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BL Premium writes that the gloves are off in the battle between Old Mutual and its former CEO Peter Moyo, who has accused the insurer’s chair, former finance minister Trevor Manuel, of being heavily conflicted in overseeing the managed separation of the SA business from its UK operations.
Moyo was suspended on 23 May, hours before the group’s annual general meeting, on the grounds of "a material breakdown in the relationship of trust and confidence", and was dismissed on 18 June. The breakdown was attributed to a conflict over dividend payments to a private company cofounded by Moyo and in which Old Mutual was invested. Moyo wants to be temporarily reinstated as CEO and is claiming damages. He has also called on the court to declare Old Mutual’s nonexecutive directors, including Manuel, delinquent. In court papers at the centre of his bid for payment of damages by Old Mutual, Moyo claims Manuel was "determined to get rid of me" after he challenged Manuel about the conflict. Manuel’s roles as chair of Old Mutual Group SA, Old Mutual plc and Rothschild represented what Moyo called a "triple conflict of interest". An Old Mutual’s spokesperson declined to comment on Moyo’s allegations, but said the company was opposing Moyo’s application and would use the court process to respond to his claims.
- Read the full original of Ann Crotty’s report on the above story at BusinessLive (paywall access only)
- Read too, The gloves are off: Old Mutual to fight Moyo in court, at Moneyweb
Get other news reports at the SA Labour News home page