Old Mutual ups the ante in its bitter battle with Peter Moyo

Peter Moyo in the Johannesburg High Court on 18 July 2019. Picture: Nthakoana Ngatane/EWN

The future of Old Mutual will be without Mr Moyo.

Peter de Beyer, Independent Non-Executive Director - Old Mutual

Mr Moyo and Trevor Manuel must step down… it’s become a personal battle…

Karl Gevers, portfolio manager - Benguela Global Fund Managers

Old Mutual has fired Peter Moyo.

Again.

It's a move Moyo’s legal team says is in contempt of a ruling in his favour.

The insurer fired Moyo for the first time in June for what it said was a conflict of interest regarding his company NMT Capital.

In July, the High Court ruled that Old Mutual failed to follow the correct procedure and ordered his reinstatement.

The company is appealing the ruling.

The Money Show’s Bruce Whitfield interviewed Peter de Beyer, Independent Non-Executive Director at Old Mutual.

He also spoke to Karl Gevers, a portfolio manager at Benguela Global Fund Managers (it holds 2.5% of Old Mutual in its portfolio).

Gevers says the drama is hurting the company and wants both Moyo and Chairperson Trevor Manuel to step down.

Listen to the interviews in the audio below (and scroll down for more quotes from It).

It’s been a very sad situation… we have to protect the interests of our shareholders…

Peter de Beyer, Independent Non-Executive Director - Old Mutual

The conflict of interest… we had a protocol to manage it… Completely unacceptable behaviour…

Peter de Beyer, Independent Non-Executive Director - Old Mutual

We tried to resolve the matter with a dignified exit…

Peter de Beyer, Independent Non-Executive Director - Old Mutual

Most of the concerns… are fabrications.

Peter de Beyer, Independent Non-Executive Director - Old Mutual

We followed what we had been advised by legal advisors… We’re appealing the judgment…

Peter de Beyer, Independent Non-Executive Director - Old Mutual

Right from the word go we’ve been open to arbitration. That was overtaken by events…

Peter de Beyer, Independent Non-Executive Director - Old Mutual

In Mr Moyo’s contract… there’s a ‘no-reason, no-fault’ termination clause after six months’ notice…

Peter de Beyer, Independent Non-Executive Director - Old Mutual

The board didn’t expect the fightback they’re getting from Mr Moyo… it’s quite embarrassing… shareholders want leadership in place…

Karl Gevers, portfolio manager - Benguela Global Fund Managers

The conflict of interest should never have been allowed… even a perceived conflict of interest is an issue…

Karl Gevers, portfolio manager - Benguela Global Fund Managers

It’s hurting the reputation and share price of the company…

Karl Gevers, portfolio manager - Benguela Global Fund Managers

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