South Africa: Old Mutual's Peter Moyo Sues Employer for U.S.$16 Million

Video screenshot of on again, off again Old Mutual CEO Peter Moyo
4 October 2019

Cape Town — Former Old Mutual CEO, Peter Moyo is suing the insurance group for R250-million (U.S.$16, 509 500) or be permanently reinstated.

Moyo has said his reputation has been ruined and that he will probably never again find employment in corporate South Africa.

The dispute began in June 2019 when Old Mutual announced it was firing Moyo due to a "conflict of interest" and a "breakdown of trust" regarding his ownership of another company NMT-Capital that Old Mutual also has shares in.

Moyo has been challenging his dismissal in court, first to stop the board from replacing him while the case was still ongoing, and the second was his wanting to have the directors and chairman of the Old Mutual board Trevor Manuel, who was South Africa's former finance minister in the Mandela and Mbeki eras, declared delinquent.

The legal battle between Moyo and Old Mutual has been nothing short of bruising and shareholders have implored the board to resolve the crisis in view of falling share prices. Moyo has threatened to sue the Old Mutual directors in their personal capacity and soon after, director Nombulelo Moholi vacated her position, a year before her tenure ends, drawing speculation on whether divisions existed within the board on the handling of the Moyo dismissal.

The matter continues.

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