Old Mutual CEO Peter Moyo said on Friday his suspension from the company related to a disagreement over how the company should engage with investment firm NMT Capital, which he founded. Old Mutual Life Assurance Company, a subsidiary of Old Mutual, is an investor in NMT Capital. Moyo, who previously served as CEO of NMT Capital and remains a nonexecutive director, said the relationship between the companies had always existed and been properly disclosed. “There is actually absolutely no wrongdoing on my part,” he said. Old Mutual said earlier it had suspended Moyo over a “breakdown in trust”, following a series of talks. The Old Mutual board, chaired by former finance minister Trevor Manuel, had suspended Moyo with immediate effect, it said. Manuel will provide more information at the Old Mutual’s AGM on Friday afternoon, a spokeswoman said. The group’s COO, Iain Williamson, has taken over as acting CEO. The announcement of Moyo’s suspension was “totally unexpected”, said Cratos Cap...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.