
<p>(Reuters) &#8211; 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.</p>



<p>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.</p>



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



<p>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.</p>



<p>Reporting by Sangameswaran S in Bengaluru; Editing by Saumyadeb Chakrabarty </p>


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

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<p>Old Mutual intends to file papers opposing the application by former CEO Peter Moyo to be reinstated, have the appointment of a new CEO halted and have the insurers Chairman Trevor Manual and non-executive directors declared delinquent among other things. Old Mutual will deliver a full response to Moyo’s allegations in Court on July 16. Old Mutual&#8217;s Chief Communications Officer Tabby Tsengiwe joins CNBC Africa for more.</p>


Old Mutual to oppose former CEO Peter Moyo’s court application


<p>JOHANNESBURG, June 18 (Reuters) &#8211; Former Old Mutual CEO Peter Moyo is to challenge the employer’s conduct in court after the insurer fired him citing a conflict of interest.</p>



<p>A statement by Moyo’s lawyer said Old Mutual had suffered no financial or other prejudice as a result of any action from Moyo.</p>



<p>Reporting by Emma Rumney. Editing by Jane Merriman </p>


Ex-CEO Peter Moyo plans to take Old Mutual to court

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<p>Khokhela Consulting, CEO, Laurence Grubb joins CNBC Africa to at South African Executive’s remuneration. This is in light of a large percentage of shareholders opposing the executive remuneration at both Absa and Old Mutual, with reports suggest that South Africa’s banking CEO’s are some of the highest paid executives in the country.</p>


How much are SA CEOs banking?

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<p>Johann Redelinghuys, Director of the Chairman&#8217;s Institute and of Portfolio&#038;Co joins CNBC Africa to look at investor and business confidence in South Africa, after many CEO’s have either been suspended or resigned in a record number of weeks.</p>


What’s behind the exodus of CEOs of SA’s largest businesses?

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<p>Corporate South Africa is taking stock of the recent changes in executives these past few weeks. CNBC Africa’s Chris Bishop filed this report.</p>


What the future holds for ousted CEOs of SA’s largest businesses

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<p>Corporate SA is recovering from the shock of the suspension of one the country&#8217;s highest profile CEOs from one of Africa&#8217;s biggest finance companies. The board of Old Mutual suspended Peter Moyo first thing this morning in an email to staff. CNBC Africa spoke to one of the longstanding shareholder after the meeting.</p>


What do shareholders make of Peter Moyo’s suspension?

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<p>Corporate SA is recovering from the shock of the suspension of one the country&#8217;s highest profile CEOs from one of Africa&#8217;s biggest finance companies. The board of Old Mutual suspended Peter Moyo first thing this morning in an email to staff. CNBC Africa spoke to the Chairman of the board and the former finance minister of SA, Trevor Manuel.</p>


Trevor Manuel sheds light on the suspension of Old Mutual CEO

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<p>One of Africa’s oldest financial services company has suspended one of the continent’s best known CEOs. Old Mutual has suspended Peter Moyo for what it has called a “material breakdown of trust.” It delivered the news in an email to staff. Chris Pretorius, Wealth Manager, Alphawealth joins CNBC Africa for more.</p>


Why markets think Moyo’s suspension is not a big deal

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<p>One of Africa’s oldest financial services company has suspended one of the continent’s best known CEOs. Old Mutual has suspended Peter Moyo for what it has called a “material breakdown of trust.” It delivered the news in an email to staff.  The board chaired by former South African finance minister Trevor Manual has put chief operating officer Iain Williamson in as acting CEO.</p>


Old Mutual CEO suspended, shares slide


<p>JOHANNESBURG, May 24 (Reuters) &#8211; South Africa’s No.2 insurer Old Mutual Ltd said on Friday Chief Executive Peter Moyo had been suspended following a “material breakdown in trust” between him and the board. Its share price was trading over 5 per cent lower in early trade at R20.59.</p>



<p>“As a result, the board has suspended the Chief Executive Officer with immediate effect,” the company said in a statement, adding that Chief Operating Officer Iain Williamson would assume the role of acting CEO. </p>



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<p>During the company&#8217;s annual general meeting, Old Mutual Chairman Trevor Manual revealed the reason for Moyo&#8217;s suspension was due to a material breakdown in the relationship between Moyo and Old Mutual resulting from how Moyo managed his conflicts of interest, mentioning that they were disclosed in in the company’s pre-listing statement as well as in the annual financial statements.</p>



<p>CNBC Africa took a closer look at the <a href="https://www.oldmutual.com/docs/default-source/investor-relations-files/pre-listing-statement.pdf?sfvrsn=621ea89_6">pre-listing statement</a> and found that Moyo is the founder and a non-executive director of NMT Capital. He holds an equity interest in both NMT Capital and NMT Group. Old Mutual Life Assurance Company&nbsp;SA of which Moyo was also CEO provided equity and preference share funding to NMT Group and to his family trust. When CNBC Africa contracted Moyo he was heading into an appointment and unable to speak. </p>



<p>(Reporting by CNBC Africa, Emma Rumney; Editing by Rashmi Aich)<br></p>


Why Old Mutual’s  CEO was suspended

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<p>As the election dust settles in South Africa, all eyes have shifted to President Cyril Ramaphosa’s administration and their competency in dealing with rampant corruption and economic issues which is impacting investor and business confidence .CNBC Africa’s Kopano Gumbi is joined by Johann Els, Chief Economist at Old Mutual Investment Group.</p>


Old Mutual remains positive on SA’s economic growth outlook, here’s why

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<p>Exponential technologies within business practices are rapidly changing the business landscape worldwide. But is Africa ready for this? A workshop themed “The Fourth Industrial Revolution” was held recently at the Industrial Development Cooperation in Sandton. The current impact of this revolution on South African businesses &#8211; in the context of financial inclusion, was discussed at this conference. CNBC Africa’s Chris Bishop asked Karabo Morule from Old Mutual how financial institutions will bring this to the mass population in South Africa’s smaller towns.</p>


How SA’s financial sector will implement inclusive 4IR development

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<p>Old Mutual’s CEO Peter Moyo is attending the World Economic Forum for the first time since the group demutualised, he discussed its FinTech plans and the outcome of his meeting with Zimbabwe’s finance minister Mthuli Ncube.</p>


Old Mutual’s CEO Peter Moyo reveals its plans for fintech

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<p>Old Mutual’s CEO Peter Moyo is attending the World Economic Forum for the first time since the group demutualised, he discussed its FinTech plans and the outcome of his meeting with Zimbabwe’s finance minister Mthuli Ncube.</p>


Old Mutual’s CEO Peter Moyo met with Zim’s finmin, this is what was discussed

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<p>Old Mutual shareholders are expected to receive R50 billion from the Nedbank unbundling. Old mutual held 52 per cent ownership of Nedbank but after its exit it only hold 19.9 per cent stake in the bank. Shareholders will receive R43.2 billion from the spin-off and R7.1 billion in interim and special dividends that will be paid on the 16th of October. The company’s CEO, Peter Moyo joins CNBC Africa for more.</p>


Old Mutual shareholders to receive R50bn

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<p>Protecting capital in emerging markets is becoming increasingly difficult amid heightened trade tensions between the US and China and economic strain in Turkey and Argentina. CNBC Africa&#8217;s Fifi Peters caught up with Grant Watson, Fund Manager at Old Mutual at The 6th GIB Investment Summit in Johannesburg. She asked him whether the Turkish crisis was just short term pain or a longer term risk.</p>


Old Mutual

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

Old Mutual to oppose former CEO Peter Moyo’s court application

Ex-CEO Peter Moyo plans to take Old Mutual to court

How much are SA CEOs banking?

What’s behind the exodus of CEOs of SA’s largest businesses?

What the future holds for ousted CEOs of SA’s largest businesses

What do shareholders make of Peter Moyo’s suspension?

Trevor Manuel sheds light on the suspension of Old Mutual CEO

Why markets think Moyo’s suspension is not a big deal

Old Mutual CEO suspended, shares slide

Why Old Mutual’s CEO was suspended

Old Mutual remains positive on SA’s economic growth outlook, here’s why

How SA’s financial sector will implement inclusive 4IR development

Old Mutual’s CEO Peter Moyo reveals its plans for fintech

Old Mutual’s CEO Peter Moyo met with Zim’s finmin, this is what was discussed

Old Mutual shareholders to receive R50bn

Old Mutual’s Grant Watson on navigating emerging markets volatility

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Old Mutual

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

Old Mutual to oppose former CEO Peter Moyo’s court application

Ex-CEO Peter Moyo plans to take Old Mutual to court

How much are SA CEOs banking?

What’s behind the exodus of CEOs of SA’s largest businesses?

What the future holds for ousted CEOs of SA’s largest businesses

What do shareholders make of Peter Moyo’s suspension?

Trevor Manuel sheds light on the suspension of Old Mutual CEO

Why markets think Moyo’s suspension is not a big deal

Old Mutual CEO suspended, shares slide

Why Old Mutual’s CEO was suspended

Old Mutual remains positive on SA’s economic growth outlook, here’s why

How SA’s financial sector will implement inclusive 4IR development

Old Mutual’s CEO Peter Moyo reveals its plans for fintech

Old Mutual’s CEO Peter Moyo met with Zim’s finmin, this is what was discussed

Old Mutual shareholders to receive R50bn

Old Mutual’s Grant Watson on navigating emerging markets volatility

News Tips

Advertise With Us

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