Moyo won’t be taking the R230m in damages he’d claimed, or getting his job back
03 February 2022 - 05:00
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
It’s been a while since Stephen Saad has been in the market’s good graces, but the Aspen CEO is finally reaping the benefit of a big investment drive into the company’s manufacturing facilities. Shares in the group jumped this week after it said headline earnings for the six months ended December are likely to be between 18% and 22% higher. In no small part, that’s thanks to the role Aspen has played in packaging and filling Covid vaccines for multinational Johnson & Johnson — with the vaccine bringing in about R800m. Now to secure more such customers, and Saad will feel fully vindicated.
A bad week
SA seems to do a good job in producing vexatious litigants. Just think of Mr Stalingrad now in situ at the high court in Pietermaritzburg. Let’s hope his advocate, Dali Mpofu, enjoys a better performance there than with ex-Old Mutual CEO Peter Moyo, who has convincingly lost the fight against his former employer. Moyo won’t be taking the R230m in damages he’d claimed, or getting his job back. Like another former bank bigwig we could name, the better option sometimes is to just quietly slink away and spend your remaining millions on something nice — rather than on a large lawyers’ bill, say.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
A bad week for Peter Moyo
Moyo won’t be taking the R230m in damages he’d claimed, or getting his job back
A good week
It’s been a while since Stephen Saad has been in the market’s good graces, but the Aspen CEO is finally reaping the benefit of a big investment drive into the company’s manufacturing facilities. Shares in the group jumped this week after it said headline earnings for the six months ended December are likely to be between 18% and 22% higher. In no small part, that’s thanks to the role Aspen has played in packaging and filling Covid vaccines for multinational Johnson & Johnson — with the vaccine bringing in about R800m. Now to secure more such customers, and Saad will feel fully vindicated.
A bad week
SA seems to do a good job in producing vexatious litigants. Just think of Mr Stalingrad now in situ at the high court in Pietermaritzburg. Let’s hope his advocate, Dali Mpofu, enjoys a better performance there than with ex-Old Mutual CEO Peter Moyo, who has convincingly lost the fight against his former employer. Moyo won’t be taking the R230m in damages he’d claimed, or getting his job back. Like another former bank bigwig we could name, the better option sometimes is to just quietly slink away and spend your remaining millions on something nice — rather than on a large lawyers’ bill, say.
Aspen Pharmacare looking good at the price, say analysts
Old Mutual case costs Peter Moyo dearly, despite R23m in dividends
Companies in this Story
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
KHAYA SITHOLE: Shake-on-it deals often shaft shareholders
Old Mutual applies to have ‘fatally flawed’ Moyo case thrown out
Moyo abandons Old Mutual reinstatement bid but still wants R250m in damages
Old Mutual hits out at Peter Moyo’s R250m damages claim
Peter Moyo and Old Mutual saga drags on in Gauteng High Court
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.