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BusinessLive reports that former Old Mutual CEO Peter Moyo filed an urgent application on Friday to stop the process of appointing a new CEO.
Old Mutual has until 20 February 2020 to file a notice of opposition to the application. The insurance group has been involved in a bitter battle with Moyo since May, when it suspended and later fired him over alleged conflicts of interest related to investment company NMT Capital. A previous high court judgment that Moyo had been fired illegally was overturned by a full bench of the court on 14 January. The later judgment allowed Old Mutual to start the process of appointing a new CEO. Moyo had one month in which to file an appeal and he did so on 28 January. On 5 February, his legal team asked Old Mutual for an undertaking that it would not continue with the CEO appointment process. On 10 February the company said it would not give such an undertaking, which led on 14 February to the filing of an urgent application to stop the process, Moyo’s lawyer, Eric Mabuza, indicated. The case is to be heard on 10 March, but Mabuza said the insurer still had the option of giving an undertaking that it would not go ahead with the appointment. That is said to be unlikely.
- Read the full original of the report in the above regard by Mudiwa Gavaza at BusinessLive
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