Peter Moyo’s bid to be reinstated as CEO of the insurer takes a nasty turn as he levels ‘triple conflict of interest’ allegations at its chairman Trevor Manuel.
Axed Old Mutual CEO Peter Moyo has come out swinging to get his top job back at SA’s second-largest insurer: he is seeking an order from the Johannesburg High Court to declare chairman Trevor Manuel a delinquent director under the Companies Act.
Moyo declared his NMT business interest when he returned to Old Mutual in 2017, first when he headed the company’s emerging markets arm before taking up the group CEO role. And Old Mutual was comfortable with Moyo’s declaration and its processes to manage the conflict. “The news [of the initial suspension] was devastating and humiliating to me,” Moyo said in his court papers. “At my level and status of employment, the mere suggestion that I was guilty of a conflict of interest was instantly damaging to my reputation and good name in the business world and society in general. I was deeply hurt.”
“From this interaction, I confirmed the distinct impression I had gained that the chairman [Manuel] was determined to get rid of me using the NMT matter as an excuse and that he was putting undue pressure on other directors, who were unfortunately and improperly allowing themselves to be bullied and to which they ultimately clearly succumbed.”To recap, as a shareholder in NMT, Old Mutual would enjoy preference dividends from the firm.
He said the managed separation involved a proposed transfer of a contingent liability or obligation, valued at more than $400 million or R5 billion, from parent company Old Mutual plc to Old Mutual Limited. Financial advisory firm Rothschild & Co was one of the advisors to the transaction and “stood to gain [and eventually did gain] hundreds of millions of rands in fees”.
“Mr Manuel ignored and failed to act on my raising the alarm in that regard, despite the obvious seriousness of the transgression. He continued to participate in the discussion of this matter. From that point, Mr Manuel’s attitude towards me deteriorated.”In another incident, Moyo said he questioned why Old Mutual was paying Manuel’s legal fees in his matter against the controversial Gupta family and their associates as it didn’t have “anything to do with Old Mutual”.
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