Today's Labour News

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OldMutualFin24 reports that Old Mutual shareholders are split on whether the insurer should pony up and settle with fired CEO Peter Moyo or run the risk of a R250m damages claim.  

All Weather Capital is up for a settlement if it will end the feud.  Allan Gray, Old Mutual’s second-biggest investor, is against the idea.  Sanlam Investment Management wants to wait and see how the court process unfolds, while Prudential Investment Managers reckons a payout of that magnitude would be “egregious.”  Last week, Moyo issued Old Mutual with a summons seeking damages if he can’t get his job back.  The 174-year-old firm shot back, saying it would vigorously defend any claim, and that it had been correct to dismiss the CEO.  The battle spilled into the open when Moyo was suspended toward the end of May and then fired three weeks later, which he successfully challenged in court as being unfair.  He was subsequently fired again.  The amount Moyo is seeking is in addition to the R36m he earned in salary and incentives in 2018, and R4m for his six months’ notice period.  The spat, which has seen Moyo been turned away from reporting for work three times, has pitted the fired CEO against his chairman Trevor Manuel, amid allegations and counter-accusations of conflicts of interests, claims they both deny.

  • Read the full original of the report in the above regard by Roxanne Henderson at Fin24

Read too, Old Mutual to defend R250m damages claim lodged by Moyo, at EWN

Get other news reports at the SA Labour News home page