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I'm not the 'ex' CEO of Old Mutual! – Peter Moyo

"It’s not theatrics," Moyo tells Bruce Whitfield. "The court found against Old Mutual. I must be reinstated. So, I’m not ‘ex’!”

Peter Moyo. Picture: OldMutual.com

Fired former CEO of Old Mutual Peter Moyo spoke to Bruce Whitfield on The Money Show after the insurer denied him access to work on Wednesday – for the third time.

Peter Moyo. Picture: OldMutual.com

I expected the same behaviour from Old Mutual…

Peter Moyo

Moyo argued the company was in contempt of a High Court order to reinstate him.

It’s not theatrics. I’m surprised you talk about the ‘ex’ CEO of Old Mutual. The court found against Old Mutual… it was clear I must be reinstated… So, I’m not ‘ex’!

Peter Moyo

I don’t even know how you fire someone twice. Maybe one day you or someone can explain that to me?

Peter Moyo

The board of Old Mutual decided to axe Moyo, they say, because of an irreversible breakdown in trust due to the handling of a conflict of interest regarding payments to NMT Capital, which Moyo cofounded.

I don’t know exactly what ‘irrevocably broken’ [relationship] means. Up to the 23rd of May, I was working very, very well with all the board members. Oh yes, there were very difficult moments working with Trevor… but I never had a problem with anybody else.

Peter Moyo

Listen to the interview in the audio below (and scroll down for more quotes from it).

Old Mutual first spoke to me to get assistance from NMT without alleging anything against me. It was in April this year. I spoke to the board about Trevor’s fees and the need to disclose that in March… I spoke to Trevor about the Rothschild issue in March last year…

Peter Moyo

When NMT declared the big dividend of R105 million in July last year... I chaired that meeting [as a non-executive director] … NMT declared an ordinary dividend and a preference dividend… Trevor did not discover my relationship with NMT later. My relationship with NMT is part of my contract…

Peter Moyo

All Old Mutual’s interests were looked after by my actions…

Peter Moyo

He [Old Mutual director] was in the meeting… He approved the dividend in the meeting. He signed off on all of that. If there was indeed a conflict, he would not have approved…

Peter Moyo

At every moment Trevor will tell you I respected him…

Peter Moyo

People [on the board] had made decisions without going through the papers…

Peter Moyo

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This article first appeared on 702 : I'm not the 'ex' CEO of Old Mutual! – Peter Moyo