The relationship between Old Mutual and its CEO Peter Moyo has irreparably broken down. Moyo plans to haul Old Mutual to court for firing him and basing the decision on 'incomplete and at worst misleading' information. Meanwhile, Old Mutual said it has grounds to fire him as there was a conflict of interest relating to an investment company that Moyo founded. It's another battle in corporate SA as Moyo is not going down without a fight.
Peter Moyo has broken his silence about his axing from Old Mutual, saying he plans to haul South Africa's second-largest insurer to court over his sacking, which comes nearly a month after he was placed on suspension.
Eric Mabuza, a prominent lawyer who acted for former SA Revenue Service commissioner Tom Moyane during his questionable court proceedings and now represents Moyo, said the announcement on Tuesday morning by Old Mutual that detailed Moyo's sacking was "incomplete and at worst misleading".
"Mr Moyo will, therefore, challenge Old Mutual's conduct in court, where we trust the truth will be ventilated," he said.
Old Mutual had fired Moyo due to a conflict of interest relating to an investment firm NMT Capital, which he founded and in which...