Old Mutual threatens legal action against former chief Moyo, what you need to know

PUBLISHED: Fri, 05 Jul 2019 13:53:28 GMT

(Reuters) – Old Mutual said on Friday it intends to file court papers in response to former Chief Executive Peter Moyo’s plans to drag the South African insurer to court after he was fired following a row over an alleged conflict of interest.

Old Mutual said it would deliver a full response to Moyo’s allegations in court on July 16, adding that, business was not affected by the former CEO’s claims.

The company said in June it had terminated his employment following unsuccessful attempts to engage with him.

The dispute between Moyo and the company relates to dividend payments made by NMT Capital, an investment firm Moyo founded, where he was a non-executive director and in which an Old Mutual subsidiary is the only institutional investor.

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