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'Old Mutual has lost R10bn since Peter Moyo was placed on suspension'

8 October 2019 12:41 PM
Tags:
Old Mutual
Peter Moyo
Old Mutual fires Peter Moyo
Old Mutual board
share holders

Daily Maverick freelance journalist Ray Mahlaka breaks down the figures on how much the company has lost in the past few months.

The ongoing fight between Peter Moyo and Old Mutual has cost the insurance company billions of rands.

Moyo is suing Old Mutual and its directors R250m after the group refused to let him resume his duties despite the South Gauteng High Court ruling that he should be reinstated.

Eusebius McKasier speaks to Daily Maverick freelance journalist Ray Mahlaka about the money Old Mutual has lost and who owns the multibillion-rand company.

RELATED: 'Whether or not Moyo leaves, Manuel's presence on board doesn't add any value'

Mahlaka says the Public Investment Corporation owns 12% of Old Mutual shares.

The biggest shareholder of Old Mutual is the Public Investment Corporation. The PIC invests the pension savings of government employees. The PIC invests part of R2-trillion in the aim of making returns one day.

Ray Mahlaka, Freelance journalist - Daily Maverick

The second-largest shareholder is Allan Gray. They own 10% of Old Mutual's shares.

Ray Mahlaka, Freelance journalist - Daily Maverick

Due to the continued public fighting, Mahlaka says the PIC has broken its silence on the matter.

It has said there is a decline in Old Mutual share price, which is a 7% decline. Money has been lost because of the punch-up between Peter Moyo and Old Mutual.

Ray Mahlaka, Freelance journalist - Daily Maverick

Old Mutual has lost about R10bn since Peter Moyo was placed on suspension on 23 May from its value market.

Ray Mahlaka, Freelance journalist - Daily Maverick

Listen to the full interview below...


8 October 2019 12:41 PM
Tags:
Old Mutual
Peter Moyo
Old Mutual fires Peter Moyo
Old Mutual board
share holders

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