Manuel: Board’s decision to sack Moyo was unanimous
Trevor Manuel says the board is unanimous that Moyo must go and the Johannesburg High Court ruling that reinstated him will be challenged.
JOHANNESBURG – Old Mutual board chair Trevor Manuel said chances of Peter Moyo winning against 14 other board members are near nil.
Manuel addressed the media on Friday for the first time since Moyo was suspended and subsequently dismissed.
He said the board is unanimous that Moyo must go and the Johannesburg High Court ruling that reinstated him will be challenged.
The former CEO was fired for chairing a meeting that decided to pay R109 million in dividends to ordinary shareholders of his company NMT capital, while old mutual that holds preference shares in the same company, was not paid.
Board chair Trevor Manuel said, “The employment contract says we recognise that there will dual loyalties but when you put money in your pocket and leave the needs of Old Mutual aside, there is an unmanageable conflict of interest, and that is what this issue is about.”
Moyo alleged in court that he was victimised for objecting to Manuel's triple conflict of interest.
But Manuel said Moyo never objected to this, and the other 14 board members are unanimous he must go.
“It almost seems easier to deal with one person than to deal with 14 – but I’m not suggesting anything. You can’t transcend the impact of corporate governance as set out in the Companies Act that shareholders elect directors to represent their interests.”
Manuel says Moyo has already been paid R4-million.
More in Local
-
Rand, Eskom dollar bonds hit by load shedding
-
COO: Eskom won’t have a total blackout
-
2 children among 3 killed in Nyanga shack fire
-
Foreign nationals in CT: Namibia is no longer an option for us
-
In the dark: Ramaphosa only found out about stage 6 after leaving for Egypt
-
1 in every 31 children in SA will die before their fifth birthday
Comments
EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.
comments powered by DisqusHowever, we will NOT condone the following:
- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.
We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.
We strive to make the EWN community a safe and welcoming space for all.
EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.
Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.
EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.