Old Mutual Denies Moyo’s Claims About Manuel

Old Mutual
Former finance minister Trevor Manuel at the home of the late anti-apartheid activist Ahmed Kathrada. Picture: Christa Eybers/EWN

Old Mutual on Friday said it was not true that board chairperson Trevor Manuel was part of a meeting that decided to appoint Rothschild for the insurer’s managed separation or that the insurer ignored the advice to disclose Manuel’s legal fees.

This after axed CEO Peter Moyo alleged that his dismissal was a result of a breakdown in his relationship with Manuel after he had objected to Manuel’s triple conflict of interest on the transaction.

But Old Mutual’s lawyer Advocate Ngwako Maenetje denied this in his arguments at the Johannesburg High Court saying Manuel recused himself.

Maenetje said the court must dismiss Moyo’s application with costs as his allegations against Manuel were unfounded.

Maenetje maintained the insurer did not err in its procedures to terminate Moyo.

Moyo’s lawyer Advocate Dali Mpofu followed to present his final arguments.

EWN