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Fin24 reports that the Johannesburg High Court on Friday reserved judgement in Old Mutual’s appeal against a lower court ruling reinstating axed CEO Peter Moyo.
In front of a full bench of three judges, Old Mutual was appealing against a July order by Judge Brian Mashile that the insurer must reinstate Moyo. While Mashile’s July order had been based on the argument that insurer had not afforded Moyo a disciplinary hearing, the insurer changed gears on Thursday and told the court that Moyo had been afforded some form of hearing. During his closing remarks, Advocate Gilbert Marcus, representing the Old Mutual board, said: "It is not that Mr Moyo was afforded no hearing at all; the complaint goes to the form of the hearing. He contends it had to be in a disciplinary hearing." Moyo, however, said that at no point had he been made aware that his engagements with the board had amounted to some form of hearing. “At no point did I believe I was actually having a hearing," he asserted. According to Judge Mashile, Moyo was supposed to have been afforded a hearing or arbitration since the insurer had publicly accused him of conflict of interest and gross misconduct. Old Mutual, however, cited breakdown in trust and confidence when it had handed him his dismissal letter. Advocate Dali Mpofu, representing Moyo, opined after last week’s hearing that Old Mutual had failed to convince the appeal court why it should interfere with the July ruling. He claimed it was a forgone conclusion that it was an "unwinnable" battle for Old Mutual.
- Read the full original of the report in the above regard by Londiwe Buthelezi at Fin24
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