South Africa: Old Mutual Strikes Back At Peter Moyo

analysis

In court papers, Old Mutual said axed CEO Peter Moyo has 'actively sought to undermine' the ability of Old Mutual's 13-non-executive directors (or board members) to 'carry out their corporate governance functions'. Moyo has done so publicly, thus the insurance group believes he should not be reinstated.

Old Mutual has hit back at ousted CEO Peter Moyo, saying his "sustained and hostile" campaign against board members is proof that there has been a "destruction" of the relationship between both parties.

And because of this, he cannot return to work and serve the four years remaining in his employment contract with the insurance group.

Arguably, this is no secret considering that the dispute between Moyo and Old Mutual has degenerated into a tit-for-tat spat since he was fired on 18 June 2019 as both parties have hung out dirty laundry.

The insurance group said Moyo has "actively sought to undermine" the ability of Old Mutual's 13 non-executive directors (or board members) to "carry out their corporate governance functions".

Old Mutual was responding to Moyo's application in August at the High Court in Johannesburg to have the company's directors declared in contempt of court, for "failing" to comply with a 30 July...

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