Old Mutual has fired its CEO Peter Moyo again, a decision that was made on the basis of conflict of interest regarding his company NNMT Capital.
The decision was taken despite the fact that Moyo was still waiting for the High Court rule on its leave to appeal the judgement that stated that his dismissal was unlawful.
Moyo lashed at board chair Trevor Manuel accusing him of doing the same regarding his position with the Rothschild Group.
While his lawyer Eric Mabuza said Old Mutual’s decision was incomprehensible.
“It’s corporate madness,” he said. “It’s a textbook case of contempt of court. It’s gone way beyond anything we’ve seen in our lives. It’s actually way worse than contempt and it’s clear the directors are no longer protecting the company but their own interest.”
Koketso Ramorei is a journalist and news editor of SADC News with years of experience in a number of genres including sports, politics and community reporting. He has worked for a numerous publications including The Citizen Newspaper and is a former editor of a Johannesburg-based off-campus publication called The Waldorfian Times.