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BL Premium reports that Peter Moyo, the former CEO of Old Mutual who was fired in 2019, has abandoned his bid to be reinstated as it would have required his replacement, Iain Williamson, to join the trial.
That would have further delayed the legal proceedings that have been dragging on for almost three years. In preliminary proceedings in the Gauteng High Court, Moyo’s legal counsel Dali Mpofu said his client would abandon his reinstatement bid in the interests of the trial proceeding. Mpofu added that since his client had been involved in legal proceedings against Old Mutual for close to three years he did not have the means to continue litigating indefinitely. Williamson, who took over as acting CEO when Moyo was fired, was appointed permanent CEO in July 2020. Mpofu announced that while Moyo would abandon the reinstatement request, he would proceed with his damages claim against Old Mutual over his 2019 dismissal because he regarded it as unlawful. Old Mutual said in a statement on Monday that Moyo was seeking R250m in damages but that it disputed that any amount was owed to him after he was paid six months’ salary upon termination of his employment. The six months’ remuneration apparently amounted to R4m and was paid in lieu of notice. Moyo is understood to have accepted the payment without expressing any reservations. Once Moyo’s reinstatement attempt was abandoned, the case got under way, with arguments are expected to continue until 27 January.
- Read the full original of the report in the above regard by Garth Theunissen at BusinessLive (subscriber access only)
- Read too, Old Mutual confident of legal win over Moyo, at Moneyweb
Get other news reports at the SA Labour News home page