Old Mutual Confident Of Overturning Ruling In Peter Moyo’s Reinstatement

Former Old Mutual CEO Peter Moyo.
Former Old Mutual CEO Peter Moyo.

Old Mutual believes it has a chance of overturning the ruling that its axed former CEO Peter Moyo must return to work.

The company also filed papers at the Johannesburg High Court on Tuesday, denying that it was in contempt of court by barring Moyo from resuming his duties.

Moyo and his former employer are currently locked in a protracted legal battle, with Moyo suing the group for R250 million for refusing to let him go back to work.

But Old Mutual said it was within its rights to fire Moyo.

The company’s spokesperson Tabby Tsengiwe said: “The judge granted Mr Moyo permission to submit the second termination letter as additional evidence in their contempt of court charge.”

Old Mutual has reportedly lost up to R10 billion in market share since this fight began.

The Public Investment Corporation and some shareholders have called on Old Mutual to sort out its differences with Moyo while other shareholders said the company should fight on.