Zimbabwean Investor Demands Removal of Trevor Manuel from Old Mutual

A Zimbabwean investor, who has chosen to remain anonymous, has filed a court application seeking the removal of Trevor Manuel from the board of Old Mutual, a leading financial services company in South Africa. The investor claims that Manuel’s continued presence on the board is detrimental to the company’s interests and has resulted in significant financial losses. The application, which was filed in the High Court of Zimbabwe, alleges that Manuel has failed to disclose certain material information to shareholders, including his involvement in various business ventures that may be in conflict with the interests of Old Mutual. The investor also claims that Manuel has used his position on the board to further his own personal interests, rather than acting in the best interests of the company. The application further alleges that Manuel has been involved in various questionable transactions, including the acquisition of a significant stake in a Zimbabwean bank. The investor claims that these transactions have resulted in significant financial losses for Old Mutual and have damaged the company’s reputation. The application seeks an order removing Manuel from the board of Old Mutual and prohibiting him from holding any directorship or other position of authority within the company. The investor also seeks damages and costs associated with the application. The matter is currently pending before the High Court of Zimbabwe and is expected to be heard in the coming weeks. Old Mutual has declined to comment on the matter, citing the ongoing legal proceedings. Manuel has also declined to comment, but his lawyers have indicated that he intends to vigorously defend the application. The case has sparked significant interest in Zimbabwe and South Africa, with many observers viewing it as a test of the country’s corporate governance laws. The outcome of the case is likely to have significant implications for the governance of listed companies in Zimbabwe and South Africa. The investor’s application has also raised questions about the role of independent directors on company boards and the need for greater transparency and accountability in corporate governance. The case has also highlighted the importance of effective regulation and oversight of listed companies, particularly in the financial services sector. The Zimbabwean investor’s application is seen as a significant development in the ongoing debate about corporate governance and the need for greater transparency and accountability in the management of listed companies. The application has also sparked a wider debate about the role of independent directors and the need for greater scrutiny of their activities. As the case progresses, it is likely to attract significant attention from investors, regulators, and other stakeholders in the financial services sector.

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