Today's Labour News

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OldMutualMoneyweb reports that axed Old Mutual CEO Peter Moyo has launched a new offensive in his battle against the insurer.  

This time, he wants the conduct of Old Mutual to be censured by the court over its failure to comply with a judgment on 30 July that immediately reinstated him as CEO and blocked the insurer from taking steps to appoint his successor.  He has petitioned the Johannesburg High Court for an order to declare the conduct of Old Mutual and its board of directors to be in contempt of court.  Moyo was reinstated to his top job by a high court judgment that found that Old Mutual had not followed proper processes when it initially suspended him on 23 May and subsequently fired him on 18 June.  Old Mutual is appealing the judgment and maintains that the appeal process means that it doesn’t have to comply with the original judgment until a court decides on its appeal.  In court papers dated 12 August, Moyo states that the fact that he wasn’t allowed by Old Mutual to resume his duties means that the insurer is in contempt of a court judgment.  Moyo’s court papers are in response to Old Mutual’s court application to seek a declaratory order regarding what should happen pending the hearing of the appeal.  This is set to be heard on 16 August.  If the high court finds members of Old Mutual’s board to be in contempt of court, they might face hefty fines or imprisonment.

  • Read the full original of the above report by Ray Mahlaka at Moneyweb

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