State-owned development finance institution, the Industrial Development Corporation, has been forced to explain why it has launched a process to recoup a loan it extended in 2006 to Moyo's private company NMT Capital. The parties seem to be at odds about the value of the outstanding loan.

Four months into the gripping boardroom spat between Old Mutual and its unwanted CEO Peter Moyo, a third party has now been yanked into the fray that has so far tainted all reputations.

State-owned development finance institution the Industrial Development Corporation (IDC) has been forced to explain why it has launched a process to recoup a loan it extended in 2006 to Moyo's private company NMT Capital. In this process, the IDC has even threatened legal action against NMT Capital if the company doesn't comply with its demand to repay the outstanding loan.

But both parties also seem to be at odds about the value of the outstanding loan extended to NMT Capital, an investment holding firm that was co-founded by Moyo in 2002 with business titans Sango Ntsaluba and Thabiso Tlelai. The name NMT Capital represents the last names of Ntsaluba, Moyo and Tlelai.

Old Mutual, which is a 20% shareholder in...