Peter Moyo: Old Mutual has a case to answer

Moyo is demanding his job back from the country's second-biggest insurer and to clear his name.

Former Old Mutual CEO Peter Moyo in the Johannesburg High Court on 16 July 2019. Picture: EWN

JOHANNESBURG - Sacked Old Mutual CEO Peter Moyo said he was confident that his employers had a case to answer after firing him last month.

The country’s second-biggest insurer is embroiled in a legal wrangle with Moyo after it said it had lost trust in him.

Old Mutual alleges that Moyo’s company, NMT Capital in which Old Mutual is a shareholder, declared and paid dividends to shareholders.

The matter, which is being heard at the High Court in Johannesburg, has been postponed to Thursday for arguments.

"Why must I lose my job when people who are creating this are not censured?"

Flanked by his family and advocates Dali Mpofu and Thembeka Ngcukaitobi, Moyo was confident he has a strong case.

"I wouldn't be here if I didn't believe so."

He said that his former employers kept changing the reasons why they wanted to keep him out but their conflict of interest was not the issue.

"When you talk about the relationship between NMT and Old Mutual, it actually predates my arrival at Old Mutual, I could not get to Old Mutual and start changing that relationship that worked for 14 years."

Board chair Trevor Manuel was not in court.