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BusinessLive reports that Old Mutual does not want axed CEO Peter Moyo to return to the company even if he wins his case next week.
The insurer’s advocate, Ngwako Maenetje, said there was too much bad blood between the two parties for Moyo to return to work. “Even if the application passes, reinstatement is not an option. This is a case about the loss of trust,” said Maenetje. Moyo, who was at the helm for two years, was fired by the insurance company in June apparently over a breakdown in trust and a conflict of interest linked to NMT Capital. Moyo then approached the Johannesburg High Court in a bid to obtain temporary reinstatement and to interdict Old Mutual from filling his former role. Old Mutual opposed the application. After two days of testimony, Judge Brian Mashile on Friday reserved judgment until 26 July. “It doesn’t matter that there has been acrimony between the two parties, he must go back to his job. This is about a relationship with the board which he meets infrequently. There is no harm if there’s tension between the board and him,” said advocate Tembeka Ngcukaitobi on behalf of Moyo. But, Maenetje told the judge on Friday that the insurer owed Moyo no explanation for the termination of his contract because he was dismissed on notice. Although the insurer did give reasons for the board’s loss of confidence and trust in Moyo, they were presented to prevent hearsay and he could not use them to challenge his dismissal, Maenetje claimed.
- Read the full original of Londiwe Buthelezi’s report on the above story at BusinessLive
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