
<p>By Fifi Peters, CNBC Africa anchor and reporter </p>



<p><em>Update with comment from the Public Investment Corporation (PIC). Old Mutual&#8217;s largest shareholder. </em> </p>



<p>As financial services group <a href="https://www.cnbcafrica.com/zdnl-mc/2019/08/12/old-mutual-peter-moyo-to-meet-in-court-friday/">Old Mutual prepares for another face-off with its former CEO</a> Peter Moyo in court today, its second largest shareholder, Allan Gray, says it has asked the insurer to make contingency plans. </p>



<p>The Cape Town based investment manager, said it had met with Old
Mutual’s board in light of the ongoing litigation between the company and Moyo.
</p>



<p>Moyo is seeking reinstatement at the insurer after <a href="https://www.cnbcafrica.com/videos/2019/06/20/old-mutuals-moyo-sacked-for-deteriorating-relationship-with-trevor-manuel-lawyer/">being
fired in June</a> and wants Old Mutual’s non-executive directors to be declared
delinquent, whereas Old Mutual wants its dismissal of him to be declared valid.
</p>



<p>“The board must make contingency plans,” said Allan Gray
Portfolio Manager, Jacques Plaut </p>



<p>“It must have a plan for various different future scenarios,”
added Plaut, without divulging specific details.</p>



<p>Allan Gray, one of SA’s largest asset managers, owns 9.8% of Old
Mutual. </p>



<p>The shares, managed on behalf of its clients that range from
high-net worth individuals to working class South Africans, are mainly held in
Allan Gray’s Equity,
Balanced and Tax Free Savings Funds.</p>



<p>Old Mutual’s largest shareholder, the Public Investment Corporation refused to be drawn in on the matter.</p>



<p>In an emailed statement from its head of Corporate Affairs, Deon Botha it said: “The Public Investment Corporation (PIC) is not party to the legal proceedings your enquiry refers to. The PIC is a responsible asset manager. It is inappropriate to expect of the PIC to make public statements about a matter pending before court, and ultimately, one that arises from a dispute between a board of an investee company and its CEO.”</p>



<p>The PIC holds a 10.8% stake in the financial services group, according Old Mutual’s 2018 annual report.</p>



<p>The dispute has
coincided with an 18% decline in Old Mutual’s share price on the JSE since May
24 when <a href="https://www.cnbcafrica.com/videos/2019/05/24/old-mutual-ceo-suspended-shares-slide/">Moyo
was first suspended by the board</a> for a breakdown in trust and confidence. </p>



<p>But Allan Gray said
it was not clear that significant value had been destroyed by the boardroom
tussle.</p>



<p>“We aren’t sure whether much value has in fact been destroyed.
The share price has fallen a lot, but the market may be overreacting,” said
Plaut</p>



<p>Other factors that
could have weighed on the share price includes soured sentiment towards SA
stocks amid slow economic growth and downgrade fears, heighted global
uncertainty from the US-China trade war as well as the ongoing litigation
between the company’s board and its former CEO.</p>



<p>Old Mutual <a href="https://www.cnbcafrica.com/zdnl-mc/2019/07/30/judge-orders-peter-moyo-to-be-reinstated-as-ceo-of-old-mutual/">lost
the first round in court</a> against its axed CEO, Moyo on July 30, when the
South Gauteng Court in Johannesburg found SA’s largest insurer unlawfully fired
its former boss and ordered for his immediate reinstatement.</p>



<p>The company, however, barred the former CEO from resuming his
duties the next day (July 31) on its belief that the decision to appeal Judge
Brian Mashile’s ruling, nullified the order which also interdicted Old Mutual
from finding a permanent new CEO.</p>



<p>The same court and
judge that heard the original case will also hear today’s arguments.</p>



<p>Old Mutual’s board
has said the loss of trust and confidence in the former CEO that ultimately
resulted in his firing was due to his mishandling of a conflict of interest in
his private company NMT Capital, in which Old Mutual owns a 20% stake.</p>



<p>Moyo says the
conflict of interest is a “manufactured smokescreen”. </p>



<p>He claims he is being
victimised for blowing the whistle on the board chair, Trevor Manuel’s alleged
triple conflict of interest in overseeing the managed separation of
the SA business from its UK operations as a director of Old Mutual Ltd, Old Mutual PLC and Rothschild, one
of the advisers during the separation.</p>



<p>Manuel also sits on
Allan Gray Orbis
Foundation Endowment board. Allan Gray said this did not present a conflict of
interest on its part.</p>



<p>“This endowment was formed by a donation from Mr Allan Gray. The
Endowment supports various education and job creation initiatives in South
Africa. The Endowment is totally separate from the Allan Gray Limited operating
entity so Allan Gray Ltd is not conflicted,” said Plaut.</p>


Why Old Mutual’s second largest investor met with it over dispute with former CEO Peter Moyo


<p>By Fifi Peters and Monique Vanek </p>



<p><em>Update to paragraphs 1-3, explaining the contempt of court application in more detail and last two paragraphs explaining the reasons for the move in Old Mutual&#8217;s share price since listing. </em><br><br>Round two of the biggest legal battle in present corporate South Africa is expected to play out at the South Gauteng Court on Friday when Old Mutual seeks to get clarity on the reinstatement of its former CEO Peter Moyo, who is fighting to get his job back. Not only will the court hear arguments about whether axed CEO  Moyo can return to work, but a contempt of court application against Old Mutual has also been added to Moyo&#8217;s answering affidavit. </p>



<p>Moyo alleges that Old Mutual is in contempt of court as it removed the 15 non-executive directors from its declaratory order application, to presumably suggest that they should not have been part of Moyo&#8217;s original application filed in July to get his job back. He wants them to be added as joined parties. </p>



<p>He alleges its contempt is shown in various media interviews and articles penned in which independent non-executive directors Paul Baloyi and Nombulelo (Pinky) Moholi as well as Old Mutual&#8217;s spokesperson, Tabby Tsengiwe, the company’s chief communications officer participated or were quoted. </p>



<p>This argument was made in Moyo&#8217;s responding affidavit filed on Monday in response  to Old Mutual’s urgent court application for clarity on whether Moyo can legally return to work through a declaratory order, pending the outcome of an appeal process. </p>



<p>Old Mutual had initially set the deadline to respond to its declaratory order application as 12pm on August 6.</p>



<p>At the time of writing, Tabby Tsengiwe, the company’s chief communications officer told CNBC Africa that she was unaware that Moyo had responded to the declaratory order and filed a contempt of court counter application. Moyo’s attorney Eric Mabuza of Mabuza Attorneys told CNBC Africa that the firm has served its responding papers to Old Mutual’s lawyers, Bowman Gilfillan.</p>



<p>SA’s second
largest insurer filed its court application at the South Gauteng Court on July
31, a day after Judge Brian Mashile ruled that <a href="https://www.cnbcafrica.com/zdnl-mc/2019/07/30/judge-orders-peter-moyo-to-be-reinstated-as-ceo-of-old-mutual/">Moyo
be temporarily reinstated</a> as CEO because the decision by Old Mutual to fire
him was unlawful. </p>



<p>The company will argue that doing so will cause harm to Old Mutual and its shareholders and may seek an order suspending Judge Mashile’s decision until its application to appeal the decision is heard.</p>



<p>Moyo’s
contract was terminated on June 18 after <a href="https://www.cnbcafrica.com/videos/2019/05/24/old-mutual-ceo-suspended-shares-slide/">Old
Mutual initially suspended him on May 24,</a> citing a breakdown in
trust and confidence in the former CEO over a conflict of interest related to
his investment company, NMT Capital, which Old Mutual owns a 20% stake.</p>



<p>The former CEO has refuted the allegations of wrong doing and argues he was fired for blowing the whistle on Old Mutual Chair, Trevor Manuel’s triple conflict of interest and Manuel’s &#8220;improper non-disclosure&#8221; of payments made by Old Mutual for his his legal battle against the Gutpa family and their associates. Allegations that have been denied. </p>



<p>Moyo is
being defended by Mabuza Attorneys while Old Mutual’s legal defence team is Bowmans.</p>



<p>Old Mutual’s stock price ended 1.14% lower at
R18.19 on the JSE as escalating trade tensions
between the US and China hurt most emerging markets. The JSE’s all share index
was also weaker, falling 0.29% to 55,371 points at close.</p>



<p>Old Mutual’s share price has lost 18% since Moyo was suspended and is down 39% from its listing price of R29.90 on 26 June 2018, when it returned its primary listing to the JSE following the managed separation from its London parent. </p>



<p>According to Sizwe Ndlovu, Old Mutual&#8217;s Head of Investor Relations, the slump in the share price since listing is mainly due to  heightened global uncertainty; the unwinding of Old Mutual&#8217;s stake in Nedbank from 52% to 19.9% last year and the payment of a special dividend, which also took place in 2018.</p>


Old Mutual vs Moyo: Court to hear contempt of court application against Old Mutual when battle with axed CEO resumes

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<p>It is been tumultuous day at one of Africa’s biggest companies. South African JSE listed company Old Mutual has been dealing with the return of its fired CEO Peter Moyo. Old Mutual fired Moyo a few weeks ago citing a breakdown of trust. Moyo went to the South Gauteng High Court to fight for his job and the judge agreed that his dismissal was unlawful. But the return to the CEO’s desk was far from smooth. CNBC Africa’s Chris Bishop filed this report.</p>


How will the case of Moyo vs Old Mutual unfold?

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<p>Old Mutual CEO, Peter Moyo walked back into his office on the morning after he won his reinstatement battle in court. Accountant and Independent Analyst Khaya Sithole spoke to CNBC Africa on what this means for the company going forward.</p>


Peter Moyo vs Old Mutual: Where to from here?

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<p>The verdict is in on the case of former CEO Peter Moyo versus financial services group Old Mutual. The judge ruled the dismissal of Moyo unlawful. Moyo is confident that he will be back in office tomorrow morning .CNBC Africa&#8217;s Fifi Peters filed this report.</p>


Peter Moyo: Am back at work tomorrow, as court reinstates him as Old Mutual’s CEO


<p>Old Mutual plans to appeal the South Gauteng High Court judgement to temporarily reinstate Peter Moyo as CEO, who was <a href="https://www.cnbcafrica.com/videos/2019/06/20/old-mutuals-moyo-sacked-for-deteriorating-relationship-with-trevor-manuel-lawyer/">fired in June</a> and to put a halt on any decision to replace him. It also ordered the insurer and respondents to pay costs. </p>



<p>Judge Adams ruled that Moyo&#8217;s suspension and dismissal were unlawful. </p>



<p><strong>WATCH:</strong> <a href="https://www.cnbcafrica.com/videos/2019/07/30/peter-moyo-am-back-at-work-tomorrow-as-court-reinstates-him-as-old-mutuals-ceo/">This is what Peter Moyo had to say on his reinstatement</a></p>



<p>In a statement sent to CNBC Africa, Old Mutual said: <em>&#8220;the filing of the appeal will suspend the operation of the court order. Mr Moyo has been informed that he is not required or permitted to resume his duties, pending the outcome of the appeal proceedings. </em></p>



<p><em>Old Mutual maintains that the urgent application by Mr Moyo was ill-conceived, contained a number of false allegations, and should have been dismissed.  While the company respects the Court and its processes, it now plans to appeal to a higher Court to argue that it acted lawfully when it terminated Mr Moyo’s employment.  The company has maintained throughout that it followed sound governance principles when it took this step, and that it gave valid notice under Mr Moyo’s employment contract.</em></p>



<p><em>&#8220;The directors of the company are resolute that they have at all times acted in keeping with their fiduciary responsibilities to the company and its shareholders, policyholders, staff and other stakeholders. Old Mutual is clear that there has been a complete and irreparable breakdown in trust and confidence in Mr Moyo.  The company is optimistic that it will be successful on appeal and that another Court will come to a different conclusion.  Until then, the business continues as usual under the stewardship of the highly experienced Iain Williamson as interim CEO, supported by a competent and focused leadership team.&#8221;</em></p>



<p>Moyo, took the 174 year Old Mutual and its current Chairperson Trevor Manuel, to court, for unfair dismissal. It is a legal battle that could have far reaching implications for corporate South Africa.</p>



<p>Moyo was suspended as CEO in May after the insurance group said there had been a&nbsp;<a href="https://www.cnbcafrica.com/zdnl-mc/2019/05/24/old-mutual-suspends-ceo-share-price-tumbles/">material breakdown of trust and confidence</a>. This related to a company Moyo co-founded, in 2002, NMT Capital, in which Old Mutual was a significant investor. The company asserts that Moyo put the interests of NMT before those of Old Mutual, something he was contractually not allowed to do.</p>



<p>“For Corporate South Africa it could mean that even the slightest conflict of interest is taken a lot more seriously than it currently is,” says Morris Mthombeni, a corporate governance expert and lecturer at GIBS. Mthombeni says it appears Moyo has taken quite a drastic measure in filing such serious charges against Old Mutual and its board. Moyo claims the board of Old Mutual did not follow due process in releasing him and has asked the courts to reinstate him as CEO. He is also requesting that the chairman and directors be declared “delinquent directors.”</p>



<p>“Unfortunately the board and Mr Moyo have disagreed materially on how the conflict of interest has been managed,” counters Old Mutual.</p>



<p>Old Mutual bought 20 percent of NMT Capital for R200 million, in 2002, as part of its transformation agenda. This initial investment was split between ordinary shares, preference shares and private equity.</p>



<p>As a preference shareholder, Old Mutual is entitled to be paid dividends first, but Moyo insists this is a right they often waived.</p>



<p>“In practice and since 2010, the redemption of Old Mutual preference dividends has been deferred or “rolled over” by agreement for a continuous period of almost a decade to date,” said Moyo in his application to the South Gauteng High Court.</p>



<p>Instead, Moyo believes his alleged victimisation is a result of him raising concerns about what he says is a conflict of interest for Old Mutual chairman and former minister of finance&nbsp;<a href="https://www.cnbcafrica.com/videos/2019/05/24/trevor-manuel-sheds-light-on-the-suspension-of-old-mutual-ceo/">Trevor Manuel</a>. This, he claims, relates to the split of Old Mutual UK from the South African business, where Rothschild, another company&nbsp; Manuel is chairman of, were the lead advisers for a small fortune in advisory fees.&nbsp;</p>



<p>This, as well as an undisclosed payment of Manuel’s legal fees, amount to what Moyo terms a “triple conflict.”</p>



<p>Old Mutual rejects Moyo’s claims without reservation and intends to rebut them in court.</p>



<p>The escalation of this high profile disagreement to the courts raises an interesting set of questions around corporate governance and practitioners are sure to watch this closely.</p>



<p>Mthombeni says although this is not a watershed moment in corporate&nbsp; governance in South Africa, “it will show if we give lip service to conflicts of interest.”</p>


Old Mutual to appeal court ruling to reinstate Peter Moyo as CEO

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<p>Fired CEO Peter Moyo is fighting to get his job back at Old Mutual and his former directors declared delinquent. The two protagonists in this case are Moyo and Old Mutual chairman and former South African finance minister Trevor Manuel. What a contrast to a year ago when the two men stood shoulder-to-shoulder blowing the horn at the relisting of Old Mutual at the Johannesburg Stock Exchange.  How did it all turn sour? CNBC Africa’s Fifi Peters filed this report.</p>


Peter Moyo vs Old Mutual: How did we get here?

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<p>CNBC Africa reporter Fifi Peters gives an update on Old Mutual’s former CEO Peter Moyo’s case as both parties rejected Judge Brian Mashile’s advice to find a solution for all involved.</p>


Judgement expected by Friday 26th of July in Moyo vs Old Mutual case

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<p>In the case between Peter Moyo and Old Mutual the court adjourned for both sides to discuss whether to return Moyo to the helm. This came after Judge Brian Mashile and the lawyers discussed options for Peter Moyo to be reinstated. CNBC Africa’s Fifi Peters spoke with Peter Moyo and his attorney Eric Mabuza.</p>


Peter Moy-or less satisfied with defence in Old Mutual court case


<p>By Fifi Peters and Kopano Gumbi, CNBC Africa reporters </p>



<p>In the case between Peter Moyo and Old Mutual the court adjourned for both sides to discuss whether to return Moyo to the helm. </p>



<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">BREAKING: Court breaks for 15min for Old Mutual and Peter Moyos lawyers to talk about a settlement where Moyo is reinstated as CEO <a href="https://twitter.com/cnbcafrica?ref_src=twsrc%5Etfw">@cnbcafrica</a> <a href="https://twitter.com/hashtag/MoyovsOldMutual?src=hash&amp;ref_src=twsrc%5Etfw">#MoyovsOldMutual</a> <a href="https://t.co/wkLdWjq8ux">pic.twitter.com/wkLdWjq8ux</a></p>— Fifi Peters (@FifiPeters) <a href="https://twitter.com/FifiPeters/status/1151829263336820736?ref_src=twsrc%5Etfw">July 18, 2019</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>



<p>Following a recess of 15 minutes both sides could not come to an agreement, so the case resumes.</p>



<p>Moyo, long standing and respected executive, is taking the 174 year Old Mutual and its current Chairperson Trevor Manuel, to court, for unfair dismissal. It is a legal battle that could have far reaching implications for corporate South Africa.</p>



<p>Moyo was suspended as CEO in May after the insurance group said there had been a&nbsp;<a href="https://www.cnbcafrica.com/zdnl-mc/2019/05/24/old-mutual-suspends-ceo-share-price-tumbles/">material breakdown of trust and confidence</a>. This related to a company Moyo co-founded, in 2002, NMT Capital, in which Old Mutual was a significant investor. The company asserts that Moyo put the interests of NMT before those of Old Mutual, something he was contractually not allowed to do.</p>



<p>“For Corporate South Africa it could mean that even the slightest conflict of interest is taken a lot more seriously than it currently is,” says Morris Mthombeni, a corporate governance expert and lecturer at GIBS. Mthombeni says it appears Moyo has taken quite a drastic measure in filing such serious charges against Old Mutual and its board. Moyo claims the board of Old Mutual did not follow due process in releasing him and has asked the courts to reinstate him as CEO. He is also requesting that the chairman and directors be declared “delinquent directors.”</p>



<p>“Unfortunately the board and Mr Moyo have disagreed materially on how the conflict of interest has been managed,” counters Old Mutual.</p>



<p>Old Mutual bought 20 percent of NMT Capital for R200 million, in 2002, as part of its transformation agenda. This initial investment was split between ordinary shares, preference shares and private equity.</p>



<p>As a preference shareholder, Old Mutual is entitled to be paid dividends first, but Moyo insists this is a right they often waived.</p>



<p>“In practice and since 2010, the redemption of Old Mutual preference dividends has been deferred or “rolled over” by agreement for a continuous period of almost a decade to date,” said Moyo in his application to the South Gauteng High Court.</p>



<p>Instead, Moyo believes his alleged victimisation is a result of him raising concerns about what he says is a conflict of interest for Old Mutual chairman and former minister of finance&nbsp;<a href="https://www.cnbcafrica.com/videos/2019/05/24/trevor-manuel-sheds-light-on-the-suspension-of-old-mutual-ceo/">Trevor Manuel</a>. This, he claims, relates to the split of Old Mutual UK from the South African business, where Rothschild, another company&nbsp; Manuel is chairman of, were the lead advisers for a small fortune in advisory fees.&nbsp;</p>



<p>This, as well as an undisclosed payment of Manuel’s legal fees, amount to what Moyo terms a “triple conflict.”</p>



<p>Old Mutual rejects Moyo’s claims without reservation and intends to rebut them in court.</p>



<p>The escalation of this high profile disagreement to the courts raises an interesting set of questions around corporate governance and practitioners are sure to watch this closely.</p>



<p>Mthombeni says although this is not a watershed moment in corporate&nbsp; governance in South Africa, “it will show if we give lip service to conflicts of interest.”</p>


Old Mutual court battle: Peter Moyo & Old Mutual fail to agree on terms for reinstatement, case resumes

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<p>In the case between Peter Moyo and Old Mutual the court adjourned for both sides to discuss whether to return Moyo to the helm. This came after Judge Brian Mashile and the lawyers discussed options for Peter Moyo to be reinstated.</p>


Judge Brian Mashile puts forward options for Peter Moyo to be reinstated at Old Mutual

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<p>In the case of Peter Moyo versus Old Mutual, the lawfulness of his dismissal still remains in the balance. Old Mutual maintains that the former CEO breached rights as preference shareholder. His immediate suspension thereafter, according to Moyo, was unconstitutional and without hearing. Sarita Martin, Facilitator at the Institute of Directors in Southern Africa and Sinesipho Maninjwa, Accountant and Independent Analyst join CNBC Africa to give insight.</p>


Peter Moyo’s dismissal case lays bare corporate governance issues at Old Mutual

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<p>Old Mutual’s former CEO Peter Moyo’s case was adjourned until Thursday. He tells CNBC Africa’s Fifi Peters why he deserves to be reinstated at the helm of South Africa’s second largest insurer and why he believe he did nothing wrong.</p>


Old Mutual’s former CEO Peter Moyo pleads his case, as hearings adjourned


<p>By Kopano Gumbi, CNBC Africa reporter  </p>



<p>A battle of giants is set for Tuesday, 16 July
in the South Gauteng High Court in Johannesburg. Peter Moyo, long standing and
respected executive, is taking the 174 year Old Mutual and its current Chairperson
Trevor Manuel, to court, for unfair dismissal. It is a legal battle that could
have far reaching implications for corporate South Africa. </p>



<p>Moyo was suspended as CEO in May after the
insurance group said there had been a <a href="https://www.cnbcafrica.com/zdnl-mc/2019/05/24/old-mutual-suspends-ceo-share-price-tumbles/">material
breakdown of trust and confidence</a>. This related to a company Moyo
co-founded, in 2002, NMT Capital, in which Old Mutual was a significant
investor. The company asserts that Moyo put the interests of NMT before those
of Old Mutual, something he was contractually not allowed to do.</p>



<p>“For Corporate South Africa it could mean that
even the slightest conflict of interest is taken a lot more seriously than it
currently is,” says Morris Mthombeni, a corporate governance expert and
lecturer at GIBS. Mthombeni says it appears Moyo has taken quite a drastic
measure in filing such serious charges against Old Mutual and its board. Moyo
claims the board of Old Mutual did not follow due process in releasing him and
has asked the courts to reinstate him as CEO. He is also requesting that the
chairman and directors be declared “delinquent directors.” </p>



<p>“Unfortunately the board and Mr Moyo have
disagreed materially on how the conflict of interest has been managed,”
counters Old Mutual.</p>



<p>Old Mutual bought 20 percent of NMT Capital
for R200 million, in 2002, as part of its transformation agenda. This initial
investment was split between ordinary shares, preference shares and private
equity.</p>



<p>As a preference shareholder, Old Mutual is
entitled to be paid dividends first, but Moyo insists this is a right they
often waived.</p>



<p>“In practice and since 2010, the redemption of
Old Mutual preference dividends has been deferred or “rolled over” by agreement
for a continuous period of almost a decade to date,” said Moyo in his
application to the South Gauteng High Court.</p>



<p>Instead, Moyo believes his alleged victimisation is a result of him raising concerns about what he says is a conflict of interest for Old Mutual chairman and former minister of finance <a href="https://www.cnbcafrica.com/videos/2019/05/24/trevor-manuel-sheds-light-on-the-suspension-of-old-mutual-ceo/">Trevor Manuel</a>. This, he claims, relates to the split of Old Mutual UK from the South African business, where Rothschild, another company  Manuel is chairman of, were the lead advisers for a small fortune in advisory fees.  </p>



<p>This, as well as an undisclosed payment of
Manuel’s legal fees, amount to what Moyo terms a “triple conflict.”</p>



<p>Old Mutual rejects Moyo’s claims without
reservation and intends to rebut them in court.</p>



<p>The escalation of this high profile disagreement
to the courts raises an interesting set of questions around corporate
governance and practitioners are sure to watch this closely. </p>



<p>Mthombeni says although this is not a
watershed moment in corporate&nbsp; governance
in South Africa, “it will show if we give lip service to conflicts of
interest.”</p>


Old Mutual court case: Bring me my sling and stones: Peter Moyo vs Goliath


<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

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<p>Old Mutual Peter Moyo’s lawyer Eric Mabuza told CNBC Africa that it was the deterioration of the relationship with Trevor Manuel that was behind the sacking. The company dismissed him this week following a lengthy suspension, claiming he had suffered from a conflict of interest.</p>


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