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Old Mutual sacks former CEO once again

Old Mutual Ltd. once again fired former CEO Peter Moyo and assured shareholders that it will continue to fight his bid to be reinstated.

The South Africa-based insurer sacked Moyo in June in connection with a conflict of interest. However, the High Court granted him temporary reinstatement, a decision that Old Mutual will appeal.

In an open letter to shareholders published Aug. 22, the company said it will continue to explore and consider all "reasonable alternative options" to end the disputes with Moyo but said he cannot be in charge of Old Mutual.

"Events following the June notice have made it clear that a continued employment relationship between Mr. Moyo and Old Mutual is untenable," the insurer said in the letter. "It is clearly in the best interests of the company and its stakeholders that the employment relationship with Mr. Moyo should come to an end."

Old Mutual also described as "incorrect" and "defamatory" claims made by Moyo in court over Board Chairman Trevor Manuel's legal fees and a "triple conflict of interest" with Old Mutual PLC and Rothschild.

The company said it paid for two cases involving Manuel because the cases affected its interests. Manuel's relationship with Rothschild and Old Mutual PLC were known and were disclosed and managed as required by U.K. and South African laws, it added.