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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.

FILE: Former finance minister Trevor Manuel at the home of the late anti-apartheid activist Ahmed Kathrada. Picture: Christa Eybers/EWN

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.