Peter Moyo speaks to reportees at the Old Mutual headquarters in Sandton. Picture: FREDDY MAVUNDA
To date Old Mutual has dismissed Moyo twice — first, it suspended him and showed him the door, then it sacked him after a court order had reinstated him. A couple of days ago, Nombulelo “Pinky Moholi, formerly Telkom’s CEO, quit as a non-executive director of Old Mutual, fuelling talk about divisions in the board. Moholi is known to have been one of a minority of directors who supported an out-of-court settlement with Moyo instead of the protracted legal wrangle favoured by others, including Manuel.
In theory and in practice, Moyo has zero prospects of returning to Old Mutual. In the unlikely event that he does, the rest of the board might have to go.
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Moyo lawyers: Manuel in contempt of courtFinancial services giant, Old Mutual now faces four claims of contempt of court including one arising from board chairperson Trevor Manuel describing Judge Brian Mashile as a “single individual who happens to wears a robe”. Manuel or Old Mutual...? Dear OldMutualLtd you have lost the battle. Your board must be fired, they reckless and vindictive. Says me, old mutual investor losing money. Settle this matter, you are a joke. If this was SAA or Eskom or SABC you will be part of the noise makers, this is our money too. Civil boycott from its members is the only solution here, Mzansi, why are we too gullible? OM is not Trevor Emmanuel,neither is the reverse true,this is you and my money these clowns are wasting on court battles, we all just need to withdraw our policies/investments from OM
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Old Mutual must explain decision not to reinstate Moyo, judge rulesOld Mutual will have to explain why its decision not to reinstate CEO Peter Moyo is not in contempt of court.
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