Bad blood means Moyo, Old Mutual can’t work together: lawyer

Business

Bad blood means Moyo, Old Mutual can’t work together: lawyer

It's all about a loss of trust, says the insurance giant, which locked horns with the CEO over the payment of dividends

Londiwe Buthelezi

Old Mutual does not want axed CEO Peter Moyo to return to the company even if he wins his case next week.

The insurer’s advocate, Ngwako Maenetje, said there was too much bad blood between the two parties for Moyo to return to work. “Even if the application passes, reinstatement is not an option. This is a case about the loss of trust,” said Maenetje.

Moyo, who was at the helm for two years, was fired by the insurance company in June over a breakdown in trust and a conflict of interest linked to NMT Capital, says Old Mutual. At the centre of the breakdown is the payment of ordinary dividends by NMT, co-founded by Moyo, in July 2018 without first paying Old Mutual its preferential dividends and preferential capital. Old Mutual has shares in NMT...

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