BL Premium reports that Old Mutual hit out at its former CEO, Peter Moyo, ahead of a hearing in the Gauteng High Court that began on Monday and in which the group’s former boss is seeking both reinstatement and R250m in damages from the company.

The case centres on whether Old Mutual was entitled to terminate Moyo’s contract on six months’ notice according to the terms outlined in his employment contract. Old Mutual said Moyo’s case against it “will be defended vigorously as having no merit” as it was entitled to terminate his employment by giving notice in accordance with the contract, which ultimately saw the firm pay him six months’ salary. “Old Mutual does not only dispute the amount Moyo is claiming, but indeed that any damages whatsoever are due. We will show in our defence that Moyo was lawfully dismissed, was paid what was owed to him, and hence we do not believe he has a legal basis for claiming any amount whatsoever,” the company indicated in a statement on Monday. The court case stems from Old Mutual’s decision to first suspend and then later dismiss Moyo in 2019 over alleged conflicts of interest related to NMT Capital, the investment firm he helped found and in which Old Mutual was a 20% shareholder. “Moyo has had a string of losses in court based on his attempt to be reinstated. There is no reason to believe that the court will come to a different conclusion on this occasion,” said Old Mutual. The insurance and investment firm added: “Old Mutual anticipates the dismissal of the current claim will finally put an end to the needless rounds of litigation instituted by Moyo.”

Read the full original of the report in the above regard by Garth Theunissen at BusinessLive (subscriber access only)

Get other news reports at the SA Labour News home page