Moyo awaits judgment on a court case to declare Old Mutual directors as delinquent

Former Old Mutual CEO Peter Moyo has confirmed that he is still awaiting judgment on another case in which he wants the directors of Old Mutual declared as delinquent.

Moyo says the directors, including Board Chairman Trevor Manuel, were in contempt of court when they failed to honour a previous judgment for his reinstatement which was later overturned on appeal.

He says Manuel should be taken to task for his criticism of Judge Brian Mashile who ordered his reinstatement.

He says he doesn’t see how taking civil action against Old Mutual can further deteriorate his relationship with the company as he has already been dismissed.

“It’s never heard of for a chairman of a company as big as Old Mutual to do that. Never heard of … must I not respond to it because I have to go maintain my relationship with the Board? I actually think my Lord that there’s a lot expected of me to try and beg, to try and have this relationship. It can’t be. When people are wrong they’re wrong. Whether they are Trevor Manuel or not,” says Moyo.

Moyo says the meeting that was held between himself and the Adhoc sub-committee appointed by the Board to get his version of events about his role in the dividend matter between Old Mutual and the NMT group did not constitute a formal hearing.

“They appoint what I call a sham committee that has already made a decision, and they pretend that it is a hearing … by people that have already condemned me. They were the referee, they were the accusers, and they were the prosecutors in all its stages.”

“Mr Manuel, Mr [Stewart] van Gran actually sits in all those committed that made those decisions. Ms Pinky Moholi sits in the committee that took this to the Board, and Paul Baloyi.”

The former Old Mutual CEO says there was no conflict of interest on his part with regards to the dividend payment matter which resulted in his axing as CEO.

“NMT did not pay the capital amount on the 30th of June because they were in discussion with Old Mutual for a rollover which was part of the agreement. Rolling over the amount was part of the agreement. You were in breach, you had the money to repay the Old Mutual debt of R65 million, correct?”

“NMT did not pay the capital amount on the 30th of June because they were in discussion with Old Mutual for a rollover which was part of the agreement. Rolling over the amount was part of the agreement. You were in breach, you had the money to repay the Old Mutual debt of R65 million, correct?

“Yes,” says Moyo.

“Instead you decided to distribute that money to the shareholders, including yourself?”

“Yes, including myself and Old Mutual,” says Moyo.

“Well, that was a classical conflict of interest.”

He has brought to court a claim against Old Mutual for his reinstatement and R250 million damages. The trial is expected to be heard over the next ten days in the Johannesburg High Court.

Old Mutual has argued that Moyo was lawfully dismissed and paid what was owed to him.

The battle between Moyo and Old Mutual has been going on for years: