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Old Mutual, Moyo court case continues on Wednesday morning

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Former Old Mutual CEO Peter Moyo’s case against Old Mutual is expected to continue in a virtual sitting of the High Court in Johannesburg on Wednesday morning.

On Tuesday, Moyo denied that he had put his own interest ahead of that of Old Mutual with regards to a dividend payout.

In July 2018, the NMT group decided to pay an ordinary dividend of which Moyo and his NMT partners shared R84m.

Old Mutual said Moyo put his interest ahead of the company’s when he elected to pay himself before settling an overdue preference share dividends, valued at R65.4 million, owed to Old Mutual.

Moyo was responding to questions in court:

“Old Mutual was a shareholder?”

Moyo: “Yes.”

“But it was a 20% shareholder … it received R2m instead of its pref share dividend of R10m?”

Moyo: “Yes, and I’ve explained why that decision was made.”

“Whatever the reason for the decision, it was a decision to preference Moyo over Old Mutual?”

Moyo: “No, Moyo was never preferred over Old Mutual. Moyo and Old Mutual, their interest were perfectly aligned,” he adds.

The video below is reporting on the Old Mutual and Peter Moyo legal battle:

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