Axed Old Mutual CEO Peter Moyo wants to censure the conduct of Old Mutual board members, including chairman Trevor Manuel, by charging them individually with contempt of court. If found guilty, the directors could be imprisoned – with chilling implications for corporate SA.
The gripping boardroom battle between Old Mutual and its fired-but-reinstated CEO Peter Moyo might make corporate history in South Africa. The four-month-long dispute playing out in the Johannesburg High Court has moved from a spat involving Old Mutual, its 13-member board and Moyo, to a corporate conflagration with very serious implications for errant company directors throughout the country.
This dramatic possibility was brought into sharp focus as Moyo outmanoeuvred Old Mutual again in court on Monday 23 September – and ensured he would be dragged into further costly litigation against the insurer to get his job back. Moyo was fired by the Old Mutual board on 18 June over a breakdown in trust and an alleged conflict of interest, prompting him to sue for unfair dismissal.
Moyo now wants to censure the conduct of Old Mutual board members, including chairman Trevor Manuel, by charging them individually for contempt of court. The contempt of…