Old Mutual last Friday announced that it fired suspended chief executive officer Peter Moyo, following a conflict of interest related to an investment firm he founded.

This is despite the fact that Old Mutual, which is South Africa’s second-biggest insurer, already knew about the investment firm when they took him on.

“Mr Moyo’s actions since the suspension contravened his fiduciary duties to Old Mutual, his contract of employment and his notice of suspension,” said Old Mutual in a notice.

“Following unsuccessful attempts to engage on the terms of separation, the Board has now resolved to give notice of termination of employment.”

At the end of last month Old Mutual announced that the company’s board has had various engagements with Peter Moyo, the CEO of Old Mutual Life and Old Mutual Life Assurance Company, that had “caused the board to conclude that there has been a material breakdown in trust and confidence” between him and the board.