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.
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