Old Mutual and former CEO Peter Moyo to hear their fate on Tuesday
Old Mutual fired Moyo on June 18‚ citing a breakdown in trust between him and the board‚ as a result of a conflict of interest linked to NMT‚ a company co-founded by Moyo and in which Old Mutual has shares in NMT.
Peter Moyo will hear his fate in relation to his temporary reinstatement as CEO of Old Mutual on Tuesday, following the postponement of the judgement that was due to be handed down in the Johannesburg high court on Friday.
Judge Brian Mashile will give his decision on the matter involving Moyo and his erstwhile employer, Old Mutual, following the breakdown in their relationship, which led to Moyo’s dismissal in June.
Old Mutual says Moyo was not fully transparent with the company concerning the nature of a conflict of interest that related to NMT Capital, a company in which Moyo and Old Mutual were minority shareholders and which Old Mutual had lent money to.
In response, Moyo maintains he did nothing wrong and accused Old Mutual chair Trevor Manuel of a “triple conflict of interest” in relation to his role as chair of the company and also of Rothschild SA, which had advised Old Mutual on its managed separation.
Moyo‚ who was suspended in May‚ approached the court on June 28 for an urgent application to be temporarily reinstated and to interdict Old Mutual from filling his former position.
After he was fired‚ Old Mutual appointed COO Iain Williamson as acting group CEO.
During arguments last week‚ Moyo’s advocate‚ Dali Mpofu SC‚ said Moyo was a victim of the company’s inability to protect whistle-blowers.
“What we are really [dealing] with here is a case of victimisation‚” Mpofu said during the hearing in which Moyo sought to be reinstated.
Tembeka Ngcukaitobi SC‚ another counsel for Moyo‚ told the court the only reason Moyo was fired was because of his conflict with Old Mutual chair Trevor Manuel and because of interviews he had with the media on the day of his suspension.
Ngcukaitobi said Old Mutual had expanded its case to the court‚ including things that were not cited as reasons for Moyo’s suspension.
However‚ Old Mutual argued that the board had lost confidence in the way in which the conflict of interest was managed.
Old Mutual counsel Hamilton Maenetje SC said although Old Mutual did give reasons for the board’s loss of confidence and trust in him‚ Moyo could not use them to challenge his dismissal.