Old Mutual’s Trevor Manuel Speaks Up On Peter Moyo Sacking

peter moyo
FILE: Former Finance Minister Trevor Manuel. Picture: Christa Eybers/EWN

JOHANNESBURG – Old Mutual board chair Trevor Manuel has spoken for the first time on axed CEO Peter Moyo and reports that the two of them were like two bulls in a kraal.

On Thursday, Old Mutual fired Moyo again, even though an application to appeal a court ruling that gave him his job back was still pending.

The insurer has sent a letter to its shareholders informing them of the decision after some of them reportedly said the company had handled the Moyo case in a sloppy manner.

The Daily Maverick was reporting that Old Mutual shareholders including the Public Investment Corporation (PIC), Allen Gray and Prudential told the insurer to fix the impasse with Moyo.

And yesterday, the board issued a letter repeating that there was a material breakdown of trust and confidence in the relationship.

Now board chair Manuel, who Moyo accused of a triple conflict of interest, has told the Daily Maverick that “the board took the view that it should dispel the notion of ‘two bulls in a kraal'”, which he believed was “essentially the Moyo narrative” and that “the way to do it is to demonstrate board unity at every point.”

Moyo’s lawyers have said that the decision to sack him again was in breach of the court ruling that reinstated him.