Following his surprise suspension hours before an AGM, Peter Moyo has hit back, saying he may take the giant insurer to court
He said he had only seen snippets of opinions, which Old Mutual had written about, expressing concern about a conflict of interest regarding Moyo. The board stated that it had decided to part ways with Moyo because of “a material breakdown of trust and confidence, which occurred due to the management of conflicts of interest in business relations with related parties” that existed before his appointment to Old Mutual.
The news of his departure came as a shock to the market as he had been delivering solid results and executing the company’s vision, something that chair Trevor Manuel acknowledged on Friday Old Mutual denied that the matter arose from Moyo’s transparency relating to his role in NMT Capital. The company is the only institutional investor providing R277 million in preference share funding and R14 million in ordinary share funding.However, when Moyo was appointed to Old Mutual in 2017, a formal protocol was implemented to deal with any conflicts of interest.But a subcommittee, constituted by the board to deal with potential conflicts of interests, raised a number of concerns.
WMC