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ANA reports that Old Mutual on Monday said its estranged CEO Peter Moyo had not been allowed to come to work and the company was still in the process of securing a declaratory order.
“We are hoping that the order will be heard by the courts next week Tuesday. In the meantime, Mr. Moyo is not required to come to the premises, he has been forbidden,” said the insurer’s spokesperson. Last week Tuesday, the Gauteng South High Court ruled that the axed CEO should be reinstated with immediate effect. Moyo was fired in May over an alleged conflict of interest involving NMT Capital, the investment company he founded. He reported for work the day after the ruling, but Old Mutual did not allow him to resume his duties as chief executive. Old Mutual, which indicated that it was appealing against Moyo's reinstatement, insisted that could not take him back because there had been a "breakdown of trust". The judgment related only to the first part of Moyo’s legal case against his company. The second part is set to commence within 60 days and relates to a damages claim for reputational harm.
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