JOHANNESBURG – Axed Old Mutual CEO Peter Moyo is hitting back at the country’s second-largest insurer to get his job back.
Moyo is seeking an order from the South Gauteng High Court to declare chairman Trevor Manuel a delinquent director under the Companies Act.
Moyo alleges that Manuel treated him with open hostility after his objection to the board over the payments of Manuel’s enormous legal fees, amounting to millions of rand in his legal battles relating to the Guptas.
In firing Moyo, Old Mutual cited a conflict of interest due to his involvement with investment holding firm NMT Capital, which he co-founded in 2002 with Sango Ntsaluba.
Old Mutual is NMT’s only institutional shareholder, with the insurer owning a 20-percent stake.