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Confusion reigns over reinstated CEO Peter Moyo’s status at Old Mutual

Details

OldMutualBL Premium reports that confusion reigned on Wednesday about whether Old Mutual CEO Peter Moyo should return to work or not, with the company saying he had to stay at home while it appealed the court judgment that reinstated him.  

Moyo reported for work on Wednesday morning, but was not permitted to do any work because of the appeal.  Old Mutual spokesperson Tabby Tsengiwe said:  “Mr Moyo is neither required nor permitted to report for work because the court judgment has been suspended as a result of our application to appeal.”  Old Mutual said Moyo was allowed access to the building when it opened on Wednesday morning, but that its legal team met Moyo and his lawyers to explain the insurer’s position.  However Moyo’s lawyer Eric Mabuza said Old Mutual was wrong and the only way the court order, which was an interim ruling, could be suspended was if the insurer lodged an application with the court asking for it to be suspended.  On Tuesday, the High Court in Johannesburg ordered Old Mutual to temporarily reinstate Moyo, who was fired on 18 June after a short suspension, due to a breakdown in trust between him and the board as a result of a conflict of interest linked to NMT‚ a company co-founded by Moyo and in which Old Mutual has shares.  Moyo is expected to lodge a damages claim against Old Mutual for reputational harm, and ask the court to declare the insurer’s board of directors — including chair Trevor Manuel — delinquent.  Meanwhile, Old Mutual on Wednesday afternoon received a bomb threat and had to evacuate its offices in Sandton, Johannesburg.

  • Read the full original of the above report by Genevieve Quintal at BusinessLive (paywall access only)
  • Read too, Old Mutual denies reinstated CEO Moyo access to his office, at SowetanLive


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