SAMANTHA ENSLIN-PAYNE: Old Mutual may be learning some hard lessons - in public

14 July 2019 - 00:10 By Samantha Enslin-Payne

Old Mutual has some choice words for its former CEO Peter Moyo in its 351-page response (including annexures) to his legal action against the company. "Author of his own misfortune", "scurrilous", "spurious", "vexatious" and "bizarre" are among the descriptions Old Mutual has for Moyo and his allegations. It also calls him "nonchalant" and "supine" in his dealings with the payment due to Old Mutual of preference dividends owed by NMT Capital, which Moyo co-founded and in which Old Mutual invested. It says Moyo's "inflated sense of self-importance is astonishing".

The company is smarting over the fact that its dismissal of Moyo has become a high-profile fight, and it disputes Moyo's call for a full bench to hear the matter. It says this would be a waste of limited court resources and unnecessary given that "the termination of an employee's contract of employment, however senior, is not a matter that implicates the public interest, because it does not involve the exercise of public powers"...

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