BL Premium reports that almost 16 months since Old Mutual appointed Iain Williamson CEO and sought to end an acrimonious legal battle with his predecessor Peter Moyo, the saga refuses to go away.

As the company accused the former boss of trying to “delay finality” on a case he has already lost, Peter Moyo was back in court applying to have directors, including chair Trevor Manuel, declared delinquents for alleged negligence and wilful misconduct while performing their duties. In legal papers filed with the Gauteng High Court, Moyo, who was dismissed in 2019, says he wants 13 current and former non-executive directors of the insurance and investment group declared delinquents in terms of the companies act and jailed for as long as six months. The application, which was heard on Wednesday, also wants 16 members of Old Mutual’s board found guilty of contempt for their refusal to allow him to resume duties in accordance with a court ruling after his 2019 dismissal. Moyo was suspended and dismissed over alleged conflicts of interest related to investment company NMT Capital. Though Moyo contested his dismissal, with Judge Brian Mashile ruling in July 2019 that it was unlawful and that he should be reinstated, Old Mutual refused to allow him access to its offices. The highly publicised spat eventually resulted in a court victory for Old Mutual, which successfully appealed against Mashile’s decision. That left Old Mutual free to find a new CEO, with former COO Iain Williamson appointed in July 2020. Moyo’s lawyers allege that this was in “flagrant, wilful and mala fide [bad faith] breach of the court order” by Mashile.

• Read the full original of the report in the above regard by Garth Theunissen at BusinessLive (subscriber access only)
• Read too, Mpofu wants Old Mutual directors jailed for blocking ex-CEO Peter Moyo's reinstatement, at Fin24

Get other news reports at the SA Labour News home page