CAPE TOWN – Old Mutual Limited chairperson and former minister of finance Trevor Manuel and a host of other company directors may be declared delinquent for breaching the Companies Act where shareholders in the financial services group lost more than R5 billion as a result of their conduct.
Old Mutual hit back, indicating that it would oppose Moyo’s application and would use the court process to respond to his claims. According to Moyo, trouble started in March 2018 when he approached Manuel over what he viewed as a triple conflict of interest around a R5bn commercial project – known as Managed Separation – which involved the de-listing of Old Mutual PLC from the London Stock Exchange, and the proposed listing of the company on the JSE Stock Exchange.
According to him, one of the companies which stood to benefit the most from the realisation of the Managed Separation project, was Rothschild & Co, which stood to gain hundreds of millions of rand in fees as one of the transaction advisers.
busrep Axed Moyor takes on CONTROVERSIAL Trevor Manuel