Old Mutual Ltd. said fired Chief Executive Officer Peter Moyo issued the South African insurer with a summons seeking damages totaling 250 million rand ($16 million).
The company will defend “any claim vigorously,” Johannesburg-based Old Mutual said in an emailed response to questions on Wednesday. The amount is in addition to the 36 million rand Moyo received for “doing the job” and 4 million rand for his six months notice period, it said. “Old Mutual believes that it was correct to dismiss Mr Moyo.”