BL Premium reports that Old Mutual is ready to discredit axed CEO Peter Moyo’s court papers to defend its board and chair Trevor Manuel.
The insurer, which is due to file papers opposing former CEO Moyo’s bid to be reinstated, said it was looking forward to challenging him in court. “Old Mutual looks forward to delivering a full response to Mr Moyo’s allegations in court on July 16 and is confident in the outcome,” the insurer said in a statement on Friday. Moyo filed his papers at the Johannesburg High Court on 28 June, requesting an urgent application to be temporarily reinstated and to interdict the company from filling the CEO position. The insurer fired Moyo in June after a brief suspension, saying his investment company NMT Capital failed to pay preference dividends due to Old Mutual while paying out ordinary dividends even though it still owed the insurer preference share capital invested decades ago. Old Mutual said while it would not ordinarily respond publicly to allegations, it was concerned that Moyo’s lawyers had employed a deliberate strategy of spreading false information and unwarranted allegations against Manuel. For Moyo the stakes in the fight appear highest. If Old Mutual does not reinstate him, he may find it difficult to land an executive position in a public company the size of Old Mutual or Vodacom, where he had worked in the past.
- Read the full original of Londiwe Buthelezi’s report in the above regard at BusinessLive (paywall access only)
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