Peter Moyo loses out on R68m payment following legal battle with Old Mutual

Peter Moyo lost out on R68.4 million in share options when his employment at Old Mutual was controversially terminated over an irreconcilable conflict of interest last year.

The group’s annual report reveals options that had been issued to Moyo as part of his long-term incentives in 2017, 2018 and 2019 – which had been due to be taken up in subsequent years – lapsed when his employment was terminated.Moyo is also facing a hefty legal bill following the high-profile court action he took against Old Mutual after he was suspended and then fired by the company. To date judges have awarded cost orders against Moyo in two of the cases.

Manuel said the legal battle was not something the board chose: “We couldn’t abandon it because we knew we stood on very firm legal grounds … the initial decision to suspend and then terminate the employment of the former CEO was done on very very firm ethical grounds.” “The last year was very very difficult for all of us and I’m sure nobody, not a single member of this board, would want to relive the difficulties we lived through during that period,” said Manuel.

The group’s lead independent director Peter de Beyer told the meeting that Old Mutual had made an investment in Moyo’s company, NMT, years earlier as part of its commitment to black economic empowerment.

Its time this saga was over and Old Mutual moves on..

Result of egos battles

He's too puffed up..he should have walked away long ago..

Stupid man who had a choice of losing the job and go with money, now he lost both 🤑🤑💵

SouthAfricansP1 DelinquentDirector DelinquentANCcadre

Take them to court

Heeban

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.

KZN man sentenced to double life term for murder and rape of 10-year-old stepdaughterWhen a KwaZulu-Natal mother sent her 10-year-old daughter to a tuck shop on January 28 she did not know it would be the last time she would see the young girl alive. Mmmm May he rot in there He don't have a girlfriend
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Zozibini Tunzi apologises for old, ‘insensitive’ Facebook postsMiss Universe Zozibini Tunzi has apologised for a few old social media posts, which she said were insensitive. False apology, your attitude is still the same. One rule for white and no rules for other colors.... She should loose her title and be stripped from her position!
Source: TheCitizen_News - 🏆 6. / 75 Read more »

KZN man sentenced to double life term for murder and rape of 10-year-old stepdaughterWhen a KwaZulu-Natal mother sent her 10-year-old daughter to a tuck shop on January 28 she did not know it would be the last time she would see the young girl alive
Source: TimesLIVE - 🏆 28. / 59 Read more »

82-year-old man escapes Johannesburg house fireA man was critically injured when he apparently fell through the roof of a structure on a farm at Brandvlei, west of Johannesburg, while another man, in his 80s, managed to escape unscathed when his house caught alight
Source: IOL - 🏆 46. / 51 Read more »

Reserve Bank loses court battle over apartheid-era financial crimes documentsThe South African History Archives Trust has scored a major victory in its six-year legal battle with the South African Reserve Bank over access to records We want to know 😊 The SAReserveBank is protecting their masters including ANC all these people must account SAReserveBank should never give up the fight. they must appeal this.
Source: IOL - 🏆 46. / 51 Read more »

Two decades on, Zimbabwe takes stock of Mugabe land reform legacyEighty-year-old Isobel Simons calmly narrated how she and her late husband lost their 728-hectare Zimbabwe farm two decades ago to Robert Mugabe's controversial land reforms.
Source: TheCitizen_News - 🏆 6. / 75 Read more »