Concerns over Peter Moyo’s conduct at Old Mutual have been mounting for some time, with poor execution and overstated earnings just two of the charges levelled against the former CEO.

After meeting Moyo and other directors, Allan Gray portfolio manager Jacques Plaut says, he sent a letter to clients — before the board’s unhappiness about Moyo’s approach to his NMT Capital holding came to light. Allan Gray recommended voting against Moyo as an executive director...

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