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BL Premium reports that Old Mutual has succeeded in having the R250m damages claim lodged against it by former CEO Peter Moyo thrown out with costs, due to a lack of evidence that it had done anything wrong.
On Monday, Judge Gregory Wright, absolved the insurer of Moyo’s contractual and delictual claims against it and certain directors including former finance minister Trevor Manuel. Wright’s ruling came after he adjourned Moyo’s damages case last week due to Old Mutual applying for “absolution from the instance” — a legal request to be released from a particular case — on the grounds that Moyo’s case was fatally flawed due to a lack of evidence. Monday’s decision in favour of Old Mutual means Moyo’s almost three-year litigation battle against the insurer now lies in tatters. He also faces a hefty legal bill after a string of court losses against the company. Although Moyo abandoned his attempt to be reinstated as CEO of Old Mutual last week, he persisted with his damages claim: R230m for alleged wrongful suspension without a hearing; wrongful termination of employment; and alleged victimisation for making protected disclosures about Manuel, who is Old Mutual’s chair. He also wanted another R20m in damages for violations to his dignity over allegations Old Mutual had made racial, xenophobic and Afrophobic slurs against him due to his Zimbabwean origins. The spat between Moyo and Old Mutual stems from an apparent conflict 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
- And also, High court dismisses Peter Moyo’s R250m claim, at Moneyweb
Get other news reports at the SA Labour News home page