DURBAN – The share price of Old Mutual Limited declined by 6 percent after the financial services group announced the suspension of its chief executive, Peter Moyo, due to a conflict of interest between the two parties. The group said on Friday that the separation was a result of a material breakdown of trust and confidence, which occurred due to the management of conflicts of interest in business relations with related parties.
Moyo led the group in June last year, when it moved its primary listing to the JSE after it was separated from the London-based group. A spokesperson for the company said Old Mutual chairperson Trevor Manuel would provide more information at the insurer’s annual general meeting on Friday afternoon.
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