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Moneyweb reports that Peter Moyo has won his legal battle against Old Mutual to be reinstated as the life insurer’s CEO.
On Tuesday, the High Court in Johannesburg set Moyo’s dismissal from Old Mutual aside and rendered it as unlawful — effectively paving the way for him to be reinstated as CEO. This could mean that Moyo will serve the four-and-a-half years remaining on his employment contract with Old Mutual. The court found that the insurer failed to follow the terms of Moyo’s employment contract when he was dismissed. However, Old Mutual said it would immediately appeal the judgment. “The filing of the appeal will suspend the operation of the court order. Mr Moyo has been informed that he is not required or permitted to resume his duties, pending the outcome of the appeal proceedings,” Old Mutual said in a statement. According to Old Mutual, Moyo’s court application was “ill-conceived, contained a number of false allegations, and should have been dismissed”. It said it was optimistic that another court might come to a different conclusion. The court said Moyo’s dismissal could not be justified because the insurer denied Moyo a disciplinary hearing – as stipulated in his employment contract – before he was suspended and subsequently fired. The judgment means that Old Mutual has been interdicted from appointing a CEO to replace Moyo. It has already appointed Iain Williamson as acting CEO.
- Read the full original of the above report by Ray Mahlaka at Moneyweb
- Read too, Court orders Old Mutual to reinstate axed CEO Peter Moyo, at Fin24
Get other news reports at the SA Labour News home page