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Old Mutual sacks Peter Moyo again

This was despite the fact that the insurer was still waiting for the High Court to rule on its leave to appeal the judgment that said that Moyo's dismissal was unlawful.

FILE: Peter Moyo in the Johannesburg High Court on 18 July 2019. Picture: Nthakoana Ngatane/EWN

JOHANNESBURG - Old Mutual has fired its CEO Peter Moyo again.

This was despite the fact that the insurer was still waiting for the High Court to rule on its leave to appeal the judgment that said that Moyo's dismissal was unlawful.

He was fired for what Old Mutual had said was a conflict of interest regarding his company NNMT Capital.

But Moyo fired back, accusing board chair Trevor Manuel of doing the same regarding his position with the Rothschild Group.

Moyo's lawyer Eric Mabuza said this move by Old Mutual was inexplicable.

"It's corporate madness. It's a textbook case of contempt of court. It's gone way beyond anything we've seen in our lives. It's actually way worse than contempt and it's clear the directors are no longer protecting the company but their own interest."