Manuel doesn’t give Moyo a ‘chance in hell’
Fired Old Mutual CEO Peter Moyo does not have “a snowball’s chance in hell” of convincing a court to declare the board delinquent, says company chair Trevor Manuel.
The former finance minister came out with guns blazing on Friday, telling a news conference that court papers filed by Moyo in a whirlwind of cases since his suspension in May were “replete with untruths”.
Moyo alleged that Manuel held the life insurer’s board under his sway and that his dismissal was a reprisal for asking uncomfortable questions about alleged conflicts of interest, which Manuel and Old Mutual have denied.
The former CEO won a court order temporarily reinstating him in June, but the company has since appealed — and fired Moyo.
He is now attempting to have all board members declared delinquent directors, but Manuel said Moyo seemed to be determined to score short-term victories while destroying everything around him.
“It can’t play out in any positive way [for him].”
Manuel said judge Brian Mashile’s Johannesburg high court ruling in favour of Moyo needed to be challenged.
“[It] is so bad for the company, and for company law, that we have an interest in ensuring that it is overturned on appeal. That is not something we can walk away from,” Manuel said.
Moyo’s lawyer, Eric Mabuza, said Manuel’s statements were “noise and bluster and personal attacks” and he would consult his client after going through the full transcript.