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'Old Mutual clings to its principles, but a Moyo payout may have cost less'

14 January 2020 7:25 PM
Tags:
Old Mutual
Peter Moyo
Old Mutual fires Peter Moyo

Old Mutual’s appeal against a court order reinstating Peter Moyo has been upheld with costs.

The High Court in Johannesburg has upheld Old Mutual’s appeal against the temporary reinstatement of its sacked chief executive Peter Moyo.

Judgment was handed down on Tuesday morning and the application was dismissed with costs.

Old Mutual has been locked in a dispute with Moyo since it suspended him in May last year in relation to an alleged conflict of interest.

Old Mutual has lost about 12 per cent since the saga started. The fight with Moyo has contributed to the loss of value. Old Mutual could have written a big cheque to him and shareholders would have been better off.

Stuart Theobald, financial analyst - Business Day

They also have a responsibility to act ethically. If you are a board member and you come to a view that the CEO should be dismissed you cannot ethically act against your honest view of what is right and wrong and from that perspective I think board members really had no choice.

Stuart Theobald, Financial Analyst and Chairman - Intellidex

They have not been able to move forward with appointing a new CEO, that's not good for a company.

I think that Old Mutual might look towards some settlement to put it all behind it.

Stuart Theobald, Financial Analyst and Chairman - Intellidex
Picture: @OldMutualSA/Twitter

Listen to the full interview below.

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This article first appeared on 702 : 'Old Mutual clings to its principles, but a Moyo payout may have cost less'


14 January 2020 7:25 PM
Tags:
Old Mutual
Peter Moyo
Old Mutual fires Peter Moyo

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