Fired Old Mutual CEO Moyo fights back with lawsuit
Moyo’s lawyer says his client intends to sue the insurer after he was fired after a three-week suspension
Peter Moyo plans to launch a lawsuit against his former employer Old Mutual after he was fired as the CEO of the insurer over an alleged conflict of interest, his lawyer said on Tuesday.
Eric Mabuza’s statement came hours after Old Mutual said it had sacked Moyo, who had been on suspension over the past three weeks when allegations of conflict of interest surfaced.
Mabuza said Old Mutual’s statement was incomplete at best and misleading at worst. “More importantly no financial or other prejudice was suffered by Old Mutual as a result of any action on the part of Mr Moyo.”
“Mr Moyo will therefore challenge Old Mutual’s conduct in court, where we trust the truth will be ventilated.”
Moyo was suspended in late May over a disagreement as to 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's departure comes less than year after he was appointed CEO of the company, which returned to its African roots last year with a primary listing on the JSE. This followed a major overhaul of the group to disentangle its conglomerate structure created by a series of acquisitions when it moved to London in the late 1990s.