Business Report writes that axed Old Mutual CEO Peter Moyo believes he still has a lot to offer to the insurer despite his relationship with the board chairperson Trevor Manuel having broken down amid allegations of misconduct.  

“Relationships can always be repaired,” said Moyo at the high court in Johannesburg last week.  Moyo approached the court to challenge his dismissal on the basis of his claim that it was unlawful.  Judge Brian Mashile said he would deliver judgment on Friday.  “We are cautiously optimistic about the outcome of the case.  We are confident our case was properly articulated,” said Moyo, who was ousted from the 174-year-old insurer last month.  Moyo lodged an urgent court application to declare his sacking as unlawful, which would pave the way for him to be temporarily reinstated as CEO.  He also wants Trevor Manuel and about 12 non-executive directors to be declared delinquent under the Companies Act.  Moyo’s lawyer, Dali Mpofu, argued that Old Mutual needed to reinstate Moyo.  Old Mutual's counsel, Hamilton Manjenje, told the court the insurer had been within its rights to axe Moyo.  “The loss of trust and confidence are permissible reasons for dismissal and there is no entitlement to disciplinary process,” Manjenje argued.  He said even if Moyo’s bid to be reinstated was successful, it would be inappropriate as his relationship with the board was broken.  Old Mutual said it had fired Moyo over the handling of a conflict of interest arising from his investment holding firm NMT Capital, which he co-founded in 2002.  Old Mutual owns a 20% stake in NMT.

• Read the full original of Dineo Faku’s report on the above at Business Report
• Read too, Peter Moyo vs Trevor Manuel in David and Goliath court case, at City Press
• And also, Peter Moyo hires legal heavyweights, at Business Report

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