JOHANNESBURG – Fired Old Mutual chief executive Peter Moyo yesterday brought out legal heavyweights to challenge his dismissal from the company, charging that he was a victim of orchestrated machinations by the board and its chairperson, former finance minister Trevor Manuel.
Moyo brought in EFF chairperson Dali Mpofu and Advocate Tembeka Ngcukaitobi to lead his legal battle to get his job back after he was fired last month for alleged misconduct owing to the conflict of interest in his NMT Group.
Even Judge Brian Mashile’s attempt to break the stalemate between Moyo and Old Mutual failed because the legal teams could not find each other.
Moyo was fired after he was found in breach of dividend payments of R115 million, of which the benefit to Moyo’s NMT, the investment company he founded, was about R31m.
Moyo, who trained as a chartered accountant at KPMG in Zimbabwe, wants the company to temporarily reinstate him. Yesterday, he told the court that Old Mutual had abused its corporate power when he was unceremoniously fired last month after the board put him on suspension for weeks.