Cape Town — Fired Old Mutual CEO Peter Moyo has filed papers in the South Gauteng High Court against his former employer who first suspended, then dismissed him on June 18, 2019. He is also filing an interdict against the company to stop his position being filled until the court proceedings had been finalized.
The company said the reasons for Moyo's suspension and subsequent dismissal was due to a "breakdown in trust" between the board and Moyo.
Moyo stated in his papers that there was a "triple conflict" which he raised with chairperson Trevor Manuel who served as South Africa's finance minister from 1996 to 2009. He said that Manuel was delinquent and breached corporate governance practices, resulting in a loss of over U.S.$ 354,7 million to shareholders.
Old Mutual has said they would oppose Moyo's reinstatement application and has appointed chief operating officer, Iain Williamson, as interim CEO.