BL Premium reports that Old Mutual and its former CEO Peter Moyo were back in court on Wednesday, with the insurer reiterating that it had no trust in Moyo, which meant that a court ruling that he be reinstated was “impossible” to implement and therefore should be overturned.  

Moyo’s lawyers, in turn, accused the insurer of imposing a corporate “death sentence” on him by accusing him of conflict of interest and then dismissing him without subjecting him to a disciplinary inquiry.  Old Mutual has been embroiled in a bitter feud with its former CEO since May, when it suspended, and later fired, him over alleged conflicts of interested related to NMT Capital, of which Moyo is one of the founders and Old Mutual was a 20% shareholder.  Old Mutual spokesperson Tabby Tsengiwe indicated on Wednesday that it would “take years” to undo the reputational damage caused by the saga, and reiterated that Old Mutual remained open to settlement negotiations with Moyo.  The former boss has sued Old Mutual for R250m for breach of contract and harm to his “dignity, esteem and self worth”.  In the meantime, though, the company is appealing against Judge Brian Mashile’s July order that it reinstate Moyo and hold back on appointing his permanent replacement.  It is also seeking the judge’s recusal from the contempt of court application launched against it and its nonexecutive directors by Moyo.  Moyo’s lawyers have argued that the interim interdict granted by Mashile cannot be appealed.

• Read the full original of the report in the above regard by Karyn Maughan at BusinessLive
• Read too, Peter Moyo v Old Mutual battle continues, at Business Report

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