BL Premium reports that Old Mutual has asked the presiding judge in the case brought against it by former CEO Peter Moyo to dismiss his contractual and delictual claims against the company and certain directors on the grounds that his case was “fatally flawed” due to a lack of evidence.
Last Monday at the conclusion of evidence presented by Moyo and his legal team in support of his case, the insurance and investment firm applied for “absolution from the instance” — a legal request to be released from a particular case. On Thursday, Judge Gregory Wright heard arguments both for and against Old Mutual’s request. In Old Mutual’s legal papers, the firm argued that Moyo had failed to lead sufficient evidence to make a case for it to answer. Old Mutual has also sought the absolution of its directors, some of whom Moyo wants jailed and declared delinquent, and has asked for costs to be awarded in its favour. Moyo abandoned his claim for reinstatement on 18 January during the first week of proceedings against Old Mutual, but persisted with his R250m damages claim. He and other witnesses called by him testified during the week before last and on Monday last week. The damages trial against Old Mutual will resume once the court has made a ruling on the firm’s request to be absolved of Moyo’s claims. Should the judge find in favour of Old Mutual, Moyo’s damages claim will be dismissed. However, should he turn down Old Mutual’s request to be absolved, the damages trial will proceed and Old Mutual will present its defence in the matter. Moyo was fired by Old Mutual in mid-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.
- Read the full original of the report in the above regard by Garth Theunissen at BusinessLive (subscriber access only)
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