Old Mutual’s Bitter Feud With Its Fired CEO Splits Investors
- All Weather favors out-of-court payout, Sanlam on the fence
- Allan Gray believes Old Mutual is following correct course
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Old Mutual Ltd. shareholders are split on whether the South African insurer should pony up and settle with Chief Executive Officer Peter Moyo or run the risk of a 250 million rand ($16.5 million) damages claim.
All Weather Capital (Pty) Ltd. is up for a settlement if it will end the feud. Allan Gray (Pty) Ltd., Old Mutual’s second-biggest investor, is against the idea. Sanlam Investment Management wants to wait and see how the court process unfolds, while Prudential Investment Managers (Pty) Ltd. reckons a payout of that magnitude would be “egregious.”