Ex-CEO Peter Moyo loses another (final?) court challenge against Old Mutual
The Money Show interviews Tabby Tsengiwe, General Manager of Public Affairs & Communication at Old Mutual.
Peter Moyo, former CEO of Old Mutual, has lost another court challenge against the company.
His bid to have Old Mutual non-executive directors declared in contempt of court for firing him has been dismissed by the Gauteng Local Division of the High Court.
The court did find Moyo guilty of breaching his fiduciary duties to the insurance company, however.
The litigation saga has been ongoing since 2019.
The board of Old Mutual said at the time that they axed Moyo because of an irreversible breakdown in trust due to the handling of a conflict of interest regarding payments to NMT Capital, which he co-founded.
Old Mutual is pleased to put this matter behind us after three years of contentious litigation and to focus on growing the business well into the future, with good governance at all times its shining light.Old Mutual statement
Bruce Whitfield gets comment from Tabby Tsengiwe, General Manager of Public Affairs & Communication at Old Mutual.
She says the judgment is about vindication about corporate governance.
This is a vindication in that the board did act lawfully and actually upheld corporate governance by terminating Mr Moyo's contract for the conflict of interest that arose...Tabby Tsengiwe, GM: Public Affairs & Communication - Old Mutual
... and that they are actually not delinquent; there was no contempt of court on their part.Tabby Tsengiwe, GM: Public Affairs & Communication - Old Mutual
She adds that while there are no further outstanding court actions, the definitive closure or not of this specific matter does lie with Moyo and his legal team.
For more detail, listen to the audio clip below: