MOYO’S LEGAL TEAM
‘Egos’ behind drop in Old Mutual’s market value
The public war of words — rare in corporate SA — has weighed on Old Mutual’s share price
Stubborn and egoistical directors are behind shareholder value destruction at Old Mutual, a high court heard, the latest salvo by former CEO Peter Moyo’s legal team in an escalating boardroom brawl with the insurance company.
Moyo, who was fired in June over a breakdown in trust and alleged conflict of interest, but later won a court bid to be reinstated, is in court seeking to have company directors, including chair Trevor Manuel, declared delinquent, a declaration which, if granted, would disqualify them from being directors at any firm.