Old Mutual gets the green light to replace Peter Moyo
Judge rules that insurer cannot be prevented from searching for a new CEO
Axed Old Mutual CEO Peter Moyo has lost another legal battle after the Johannesburg high court said he could not interdict the insurer from its search for his replacement.
Moyo was fired with six months’ pay last June over alleged conflicts of interest related to investment company NMT Capital. Moyo is one of its founders, and Old Mutual was a 20% shareholder. He is alleged to have made a decision to pay dividends favouring NMT Capital over Old Mutual’s interests...