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Bloomberg reports that Old Mutual will appeal a court ruling that the insurer must reinstate its fired chief executive officer, thus preventing Peter Moyo from reporting for duty on Wednesday as he had planned to do.
The company will argue in a higher court that it followed sound governance principles and gave Moyo enough notice of his termination, Old Mutual indicated in a statement. The Johannesburg High Court ruled that Old Mutual acted unlawfully when terminating Moyo and also blocked the firm from continuing a process of finding a replacement. “Old Mutual is clear that there has been a complete and irreparable breakdown in trust and confidence in Mr Moyo. 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,” the company advised. In firing Moyo, Old Mutual deprived him of procedures laid down in his employment contract, but argued that it was entitled under certain provisions in the contract to suspend and dismiss Moyo without a hearing. The appeal is poised to fuel a bitter feud between Moyo and the board led by chairman Trevor Manuel amid allegations and counter-accusations of conflicts of interest.
- Read the full original of the report on the above by Vernon Wessels and Roxanne Henderson at Moneyweb
- Read too, Old Mutual to appeal Moyo's reinstatement, interim CEO to remain in place, at Fin24
Get other news reports at the SA Labour News home page