Axed Old Mutual CEO Peter Moyo is hitting back at the country’s second-largest insurer to get his job back.
Moyo is seeking an order from the South Gauteng High Court to declare chairman Trevor Manuel a delinquent director under the Companies Act.
Moyo alleges that Manuel treated him with open hostility after his objection to the board over the payments of Manuel’s enormous legal fees, amounting to millions of rand in his legal battles relating to the Guptas.
In firing Moyo, Old Mutual cited a conflict of interest due to his involvement with investment holding firm NMT Capital, which he co-founded in 2002 with Sango Ntsaluba. Old Mutual is NMT’s only institutional shareholder, with the insurer owning a 20-percent stake.
You might also like…SA artist David Koloane has died
South African artist, David Koloane has died at the age of 81. Koloane died on Sunday night at his home in Johannesburg. He was born in Alexandra in 1938 and was a pioneering figure among black artists during and after the apartheid era. Koloane served as a mentor to young and established artists at a time when such vocations were restricted to white people in South Africa.
A large part of this effort involved the initiatives he helped establish, from the first Black Art Gallery in 1977, the Thupelo experimental workshop in 1985 and the Bag Factory Artists’ Studios in 1991, where he served as director for years. Koloane also tutored at the Federated Union of Black Artists (FUBA) in 1979 and became the head of the fine art section and gallery from 1985 to 1990…Read more here
Source: eNCA
