Old Mutual to file papers opposing ex-CEO Moyo's bid to be reinstated
Johannesburg - Pan-African investment, savings, insurance and banking group Old Mutual said on Friday it intended to file papers next week opposing an application by former CEO Peter Moyo to be reinstated, among other things.
Old Mutual suspended Moyo in May and fired him in June, citing a material breakdown in trust and confidence.
Moyo says his relationship with the board soured last year after he raised concerns over "triple conflict" involving chairman Trevor Manuel in the de-listing of Old Mutual Plc from the London Stock Exchange and the proposed listing of the company in Johannesburg.
On Friday Old Mutual said it was concerned that Moyo and his legal team "appear to be following a deliberate strategy of attempting to divert attention from Mr Moyo’s own 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," it said.
It said it looked forward to delivering a full response to Moyo’s allegations in court on July 16 and was confident of the outcome.
The company said suggestions by Moyo, reported in the media, that Old Mutual non-executive directors were under the sway of Manuel and incapable of exercising independent judgement in the issue of his termination "is totally without foundation".
African News Agency (ANA)