When Old Mutual Limited (the parent company of Old Mutual Nigeria) sacked Peter Moyo as its CEO in June 2019, many people thought the matter would die down quickly. But it did not, the reason being that the fired CEO chose to drag the South African insurance company to court. Interestingly, Moyo won the case after a judge ordered his reinstatement. However, Old Mutual’s board of directors refused to let him resume his post.
Meanwhile, Peter Moyo wouldn’t give up fighting. Instead, he sued again, this time demanding that the company be held in contempt of court. This afternoon, news broke that a judge in Johannesburg had outlined a number of procedures that must be followed before a final ruling will be made soon. Legal analysts are of the belief that this second suit will equally turn out in Moyo’s favour.
A quick backstory: Old Mutual Limited fired Peter Moyo after citing “material breakdown of trust”. He was reportedly accused of pocketing R30 million worth of dividends linked to NMT Capital. Note that Old Mutual owns 20% stake in NMT Capital which was co-founded by Moyo.
After Moyo sued the company for wrongful termination and won, Old Mutual issued him another letter further terminating his contract for the second time. But this constituted a contempt of court on the part of Old Mutual, a disrespectful offense that could lead to those involved landing jail terms and paying heavy fines.
Earlier today in Johannesburg, a high court ordered that the second letter terminating Moyo’s contract should be admitted into evidence. This will eventually play a vital role in a ruling that will decide the fate of the company’s board members, as well as the fate of Moyo [himself] as the company’s CEO.
Why Moyo is fighting: At the moment, the position for Old Mutual’s Chief Executive Officer remains vacant. Now, looking at everything that has happened and is still happening, it becomes puzzling as to why Peter Moyo is hell-bent on taking back the position. How could he possibly function in the midst of all the bad blood and distrust? Obviously, he has a lot at stake and must do everything possible to protect his interest.
In the meantime, Old Mutual’s share price has continued to be affected by the scandal. Today alone, the stock declined by 2.69% on the Johannesburg Stock Exchange; obviously reacting to the court’s decision.
The company is listed on the Johannesburg Stock Exchange and London Stock Exchanges and has operations in more than six African countries, including Nigeria.
Trump to return to social media with his own platform in 2 months
Over 2 months after he was banned from Twitter, Facebook, others, Donald Trump is working on making a return.
Former US President, Donald Trump, will be back on social media in the near future, over 2 months after he was banned from Twitter, Facebook, and others.
This follows plans by the former President to launch his own social media platform within the next 2 or 3 months.
This disclosure was made by Trump’s Senior Adviser, Jason Miller, on Sunday, March 22, 2021, during a chat with Fox News’ #MediaBuzz.
What Donald Trump’s Senior Adviser is saying
Jason Miller, who was a spokesman for Trump’s 2020 campaign, told the media network that the former President would soon get back to social media space with a new platform of his own that would completely redefine the game.
Miller, while talking to Fox News, said, “I do think that we’re going to see President Trump returning to social media in probably about two or three months here, with his own platform. And this is something that I think will be the hottest ticket in social media; it’s going to completely redefine the game, and everybody is going to be waiting and watching to see what exactly President Trump does.”
Although he did not provide more in terms of details, Miller revealed that Trump had been having high-powered meetings at his Florida resort, Mar-a-Lago, with various teams regarding the venture, and that numerous companies had approached Trump.
Miller said the new platform was going to be big, while also predicting that Trump would draw tens of millions of people.
In case you missed it
- It can be recalled that former President Trump was banned from Twitter after the January 6, attack on the Capitol by his supporters. He was accused of inciting his supporters after he rejected the US Presidential election result which he claimed was a fraud.
- Twitter last week said it would seek public input on when and how it should ban world leaders, saying it was reviewing its policy and considering whether leaders should be held to the same rules as other users.
Tesla investor sues Elon Musk for causing problems with his tweets
An investor in the US electric car maker, Tesla, has sued the company’s founder, Elon Musk over alleged erratic tweets.
Elon Musk, the controversial multi-billionaire is being sued by an investor in his company. Musk is being accused by the investor of unsettling the markets and exposing his investors to high risk with his “erratic tweets”.
Chase Garrity an investor in the US electric car maker, Tesla, has sued the founder of the company for his erratic Twitter messaging which according to him, has exposed the company to high legal risks and billions in price losses.
The 105-page lawsuit was published in the US court of Delaware and it accuses Musk of violating the settlement negotiated with the US Securities and Exchange Commission in 2018.
The lawsuit also includes the entire Tesla board and its supervisory body for not calling Musk to order.
In May 2020 Musk caused a 14 billion dollar loss in market value on a single trading day with a series of unguarded tweets. He tweeted about Tesla’s market value being too high and how he was going to dispose of all physical assets.
The lawsuit stated that any further unbridled tweet from Musk would have dire consequences for Tesla’s future funding opportunities.
What you should know
- Remember Nairametrics posted a story on how Musk tweets once again caused a serious ripple effect in the crypto world. His tweet helped Bitcoin gain $6000. He later invested heavily in Bitcoin.
- Manager Magazine stated that analysts are not comfortable with such a move and view it as some kind of manipulation.
- Musk in April last year posted a joke photo of Tesla going bankrupt. This once again unsettled investors.
- Tesla Management has not released a statement on this fresh lawsuit.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Tantalizers Plc reports a loss after tax of N422.05 million in FY 2020.
- NASD Plc announces admission of newly demutualized NGX shares.
- Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.