Old Mutual to oppose reinstatement of fired Moyo

By Sandile Mchunu Time of article published Jul 8, 2019

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Old Mutual confirmed on Friday that it intended to file papers next week opposing the application by former chief executive Peter Moyo to be reinstated, among others.

Old Mutual fired Moyo last month after he was suspended in May, citing a conflict of interest with investment company NMT Capital.

Moyo is one of the founding members of NMT Capital.

The group said although it generally did not respond publicly to allegations made in court papers, it was a matter of concern that Moyo and his legal team appeared to be following a deliberate strategy of attempting to divert attention from Moyo’s actions.

“This strategy has included casting aspersions on other directors of Old Mutual by making false and unwarranted allegations directed, in particular, at the board chair,” Old Mutual said.

Moyo alleged in court papers last week that chairperson Trevor Manuel had engaged in financial improprieties and breaches of corporate governance.

Old Mutual said it was looking forward to delivering a full response to Moyo’s allegations in court next Tuesday, and that it was confident in the outcome.

“The suggestion by Mr Moyo, also reported in the media, that the Old Mutual non-executive directors are under the sway of the board chair, and were incapable of exercising independent judgement in reaching the conclusion that there has been a breakdown in trust and confidence in Mr Moyo is totally without foundation.

“This is not only deeply disrespectful to the women and men of high standing, business experience and integrity who make up the board of Old Mutual, but also regrettable and unfortunate” the group said. 


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