Old Mutual to file court papers against Moyo’s bid for reinstatement
Next week, Old Mutual will file papers opposing former CEO Peter Moyo’s bid to be reinstated, the financial services group said on Friday.
Moyo was suspended on May 23 because of “a material breakdown in the relationship of trust and confidence”, Old Mutual said at the time. He was dismissed on June 18.
The group cited a conflict over dividend payments to a private company co-founded by Moyo in which Old Mutual was invested.
Moyo has turned to the courts in an attempt to be temporarily reinstated as CEO and to claim damages. He also wants the court to declare Old Mutual’s non-executive directors, including the insurer’s chair, former finance minister Trevor Manuel, delinquent.
Moyo previously accused Manuel of being heavily conflicted in overseeing the managed separation of the SA business from its UK operations.
The company said on Friday 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.”
Old Mutual said it was keen to deliver “a full response” to Moyo’s allegations in court on July 16 “and is confident in the outcome”.
Moyo’s claims about the independence of non-executive directors at the group were “totally without foundation”.
According to the company, “Our business has not been affected by Mr Moyo’s unfounded allegations and all of Old Mutual’s commitments to deliver on the transformation agenda remain on track.”