Moneyweb reports that the South Gauteng High Court on Monday dismissed, with costs, former Old Mutual CEO Peter Moyo’s application to have Old Mutual non-executive directors declared delinquent and in contempt of court.

The decision was based on hearings that took place in November 2021. According to a statement issued by the insurer, the court concluded that the directors did not breach their duties to the company. “On the contrary, once the relationship between the board and Mr Moyo had broken down, the board was not only entitled but obliged to terminate his appointment,” Old Mutual pointed out. Meanwhile, the court found Moyo guilty of breaching his fiduciary duties to the insurance company. The court also found that Old Mutual did not defy an initial court order by preventing Moyo from resuming his position as CEO. It found that Moyo’s employment had been lawfully terminated the second time it took place. Old Mutual said it was “pleased to put this matter behind [it] after three years of contentious litigation and will be focusing on growing the business well into the future, with good governance at all times”.

• Read the full original of the report in the above regard by Nondumiso Lehutso at Moneyweb

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