Fin24 reports that axed Old Mutual CEO Peter Moyo claimed on Monday that Nombulelo Pinky Moholi's resignation from the insurer’s board amid his legal tussle with the company was not a coincidence.
Moholi suddenly quit the Old Mutual board last week, citing personal reasons for her departure. "I don't think it is coincidental... You don't just wake up and resign, after having been on the board for 7 years," Moyo told journalists at the South Gauteng High Court. On Monday, the court granted him leave to bring new evidence in his contempt of court application against Old Mutual’s board members. This means he can introduce his second letter of termination. After a court ruling that he had to be reinstated on a temporary basis after his first dismissal in July, Old Mutual fired Moyo again in August. He can now fight this dismissal, as well as the company's refusal to allow him back to work. Old Mutual has prevented him from resuming his duties despite the initial court order, in a move that has created a protracted legal and corporate impasse. Old Mutual is appealing the judgment which reinstated Moyo, with the case likely to be heard by a full bench of the Gauteng High Court.
- Read the full original of the report in the above regard by Sibongile Khumalo at Fin24
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