The EFF calls on Trevor Manuel to step down following court ruling to reinstate Peter Moyo as Chief Executive Officer

30 July 2019

The Economic Freedom Fighters demands that Trevor Manuel, the Chairperson of Old Mutual to immediately step down as the Chairperson. Whilst Old Mutual is a private company, its shareholders include the Government Employees Pension Fund whose assets exposure to Old Mutual must be protected by all Public Representatives and responsible revolutionary political parties like the EFF. Furthermore, Old Mutual manages policies of many ordinary South Africans and as true representatives of the people, we care and have interest on the manner in which Old Mutual is managed and governed.

The South Gauteng High Court has found beyond reasonable doubt that Trevor Manuel is conflicted in his chairpersonship of Old Mutual, whilst he is also in the service of the Rothschilds. Instead of taking full responsibility for his conflict of interest, which was brought forth by the Chief Executive Office Peter Moyo, Trevor Manuel resorted to his bullying nature and suspended, thereafter expelled the CEO from the company.

From the many revelations that were confirmed by the Court, Trevor Manuel behaves as if Old Mutual is his or his parents' private company, where he can hire and fire executives as and when he wishes. Now that the Court has settled the matter of his unlawful and illegal dismissal of the CEO, and confirmed his conflict of interest in internal Old Mutual matters, Trevor Manuel must go. Trevor Manuel must pack his bags and leave Old Mutual and allow ethically sound and strong leadership to lead Old Mutual to prosperity.

The EFF will write to all major shareholders, including the PIC to demand that Trevor Manuel must step down as Chairperson or fired if he arrogantly refuses to step down.

Principles of corporate governance must not be sacrificed on the altar of arrogance and disrespect of other people.

Issued by Mbuyiseni Ndlozi, National Spokesperson, EFF, 31 July 2019