Silking it for all it’s worth
● Former CEO Peter Moyo’s legal battle with Old Mutual, which began this week, had all the trappings of a celebrity court case, from Moyo giving TV interviews outside court to his quote-a-minute advocate, Dali Mpofu SC, using colourful metaphors to make his client’s case.
And the authorities cited by the legal teams included high-profile court battles such as the wrangling between Gareth Cliff and M-Net, President Cyril Ramaphosa and former South African Revenue Service commissioner Tom Moyane, and soccer club Santos and former coach Gordon Igesund.
Moyo wants to be reinstated as Old Mutual’s CEO on an urgent basis, but will have to wait until later this week to hear his fate; judge Brian Mashile said he would deliver his verdict by Friday at the latest. Both sides have had their say.
The former CEO’s legal team argued that the life insurer had ulterior motives when it terminated his contract last month. It had more to do with chair Trevor Manuel’s ego than with Moyo’s handling of conflicts of interest, they said. “The mere fact that a bogus reason was given is proof that there was an ulterior motive,” said Mpofu in his closing argument on Friday.
Mpofu earlier said his client had been “terrorised” and “victimised” by Old Mutual, first by it suspending him for a breakdown in trust, then by it terminating his employment and suggesting it could claw back bonuses.
Mpofu and his colleague Tembeka Ngcukaitobi SC said Moyo was removed because he had voiced misgivings about Old Mutual stumping up for Manuel’s legal fees and an alleged conflict of interest on the former finance minister’s part during the company’s “managed separation” into four businesses over the past three years.
Old Mutual terminated Moyo’s contract, applying a notice clause in it. Moyo’s team said his contract was terminated as a reprisal for his “whistleblowing” and set out to prove that his misgivings about Manuel’s conduct qualified as protected disclosures in terms of the Protected Disclosures Act.
But Hamilton Maenetje SC, appearing for Old Mutual, Manuel and other directors, said Moyo “is thin, completely thin, when it comes to evidence about disclosures”.
In papers filed two weeks ago, Old Mutual said Moyo does not qualify as a whistleblower and disputed that Manuel had done anything wrong. The company does not want Moyo reinstated and says the relief he is seeking is not urgent.