Old Mutual has fired its CEO, Peter Moyo, weeks after first announcing his suspension over a conflict of interest. And it has finally given some detail about its side of the story.

Moyo is a nonexecutive director and shareholder in NMT Capital, the BEE firm he founded as Amabubesi. This potential conflict of interest was declared, and the board of Old Mutual initially tolerated it. Old Mutual approved remuneration of more than R50m for Moyo last year.

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