Old Mutual wins appeal against former CEO Peter Moyo
But the matter is far from over and will likely be taken to the Supreme Court of Appeal.
Old Mutual has won its appeal against former CEO Peter Moyo with the Johannesburg High Court on Tuesday ruling that the insurer had acted lawfully when it fired Moyo in June after he failed to provide an acceptable explanation on the issue of conflict of interest. The company also said there had been “a material breakdown in trust and confidence in Mr Moyo,” appointing its then-chief operating officer, Iain Williamson, as acting CEO.
Moyo denied any wrongdoing and fired back with counter-accusations against the company over conflicts involving the board’s chairperson, Trevor Manuel, which both he and the company denied.
Moyo challenged the dismissal and won the initial court battle in which Judge Brian Mashile is no longer blocked from appointing his successor but this is not likely to be the end of the saga as Moyo has apparently already instructed his legal team file papers at the Supreme Court of Appeal.
See this News24 story for the timeline of events relating to the matter.
“We have now more thoroughly studied the judgement of the South Gauteng Court in the above mentioned urgent appeal dealing with the issue of temporary reinstatement pending the forthcoming proceedings to declare the Old Mutual Board members as delinquent directors and to grant an order for permanent reinstatement or damages,” reads a letter from Moyo’s legal team old Old Mutual’s lawyers, which was posted on twitter by political analyst Khaya Sithole.
“We trust that you will find the above in order and advise your client to finally comply with your legal obligations to allow our client back at work and to refrain from taking any steps towards the appointment of a CEO, pending the determination of the issue of Mr Moyo’s permanent reinstatement by the courts.”