Ngcukaitobi submitted that"Old Mutual rammed through" the process of firing Moyo, without giving him a chance to cite his side of the story, labeling the process"farcical"."The decision to fire Moyo couldn't be left to the chairman alone. That would give Trevor Manuel higher power than the board.
Old Mutual’s main line of defence is that Moyo was in breach of conflict of interest rules regarding his investment company, NMT Capital, and the payment of preference and ordinary share dividends, as well as the debt write-off to the Industrial Development Corporation . The approval of the payment of R115m, of which R30.6m went to Moyo, according to Old Mutual, was given in a meeting held on July 4, 2018, in which both Moyo and an Old Mutual representative known as Mr Patel, was present. The disbursement of dividends was done while the Old Mutual preferential dividends were in arrears, although the fees were paid a few months later.
Ngcukaitobi further submitted that"the appropriate relief is that he [Moyo] must go back to his job tomorrow".
Source: Law Daily Report (lawdailyreport.net)
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ewnupdates - 🏆 30. / 53 Read more »
Source: mailandguardian - 🏆 2. / 92 Read more »
Old Mutual is victimising Moyo, says his legal teamIn the high court, Peter Moyo says he was fired due to conflict with Old Mutual chair Trevor Manuel, who is ‘gunning for him’
Source: BDliveSA - 🏆 12. / 63 Read more »
Moyo victimised by Old Mutual over whistle-blowing, Dali Mpofu tells courtAdvocate Tembeka Ngcukaitobi, also representing Moyo, said the only reason Moyo was fired was because of his conflict with Old Mutual chair Trevor Manuel.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Source: News24 - 🏆 4. / 80 Read more »
Source: SABC News Online - 🏆 32. / 51 Read more »