Today's Labour News

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OldMutualBL Premium reports that fired CEO Peter Moyo is claiming damages of R250m from Old Mutual, in the latest twist in his four-month public battle against the insurer.  

According to Moyo's lawyer, Eric Mabuza, the ousted CEO has issued Old Mutual with a summons seeking damages.  Old Mutual spokesperson Tabby Tsengiwe indicated that the group would “defend any claim vigorously”.  She said the R250m in damages Moyo was claiming in his summons was in addition to the R35.5m he received for doing his job and a R4m six-months’ notice payout.  Tsengiwe stated that Old Mutual believed that it was “correct to dismiss Mr Moyo”.  The insurer, which has been entangled in a protracted legal battle with Moyo, who was fired in June and again in August, said that while the Johannesburg High Court had ordered it to reinstate the CEO twice, it was difficult to see how Moyo believed he could return to resume his duties given his own admission that he was no longer answerable to the board.  The axed CEO has presented himself three times at the company’s Sandton office to resume his job as CEO, after each instance in which the court ruled that he be reinstated.  But Old Mutual prevented him from proceeding to the executive suite on all three occasions.

  • Read the full original of the report in the above regard by Londiwe Buthelezi at BusinessLive (paywall access only)

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