Peter Moyo’s return to Old Mutual on Wednesday 31 July as the life insurer’s reinstated CEO had the trappings of a dramatic movie about nasty boardroom battles in corporate South Africa.
Old Mutual said its appeal application immediately suspends the implementation of the high court judgment and until this process is completed, Moyo is not allowed to report for work. Moyo disagreed, accusing Old Mutual of being in contempt of a court order. After failing to reach an agreement, Moyo left Old Mutual’s building at about 3pm.
Old Mutual has taken umbrage with Moyo pursuing another high court application, known as part B, that seeks to declare board chair Trevor Manuel and 12 non-executive directors as delinquent, which could result in the entire board being fired.
Refreshing that big, normally unassailable entities like OM are given a trouncing in court. To a large extent, esp when fighting the smaller guy, they've become a law unto themselves. Last week it was SB's turn. I can't wait to see who's next.
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