Old Mutual bars fired CEO Moyo from returning to work despite court ruling

JOHANNESBURG – Financial services company Old Mutual on Monday again barred its fired chief executive Peter Moyo from returning to work despite a high court ruling last week which rejected its bid to keep him out pending conclusion of its legal battle to oust him once and for all.

The company effectively fired Moyo a second time in August as it sought to overturn a court ruling which nullified his original termination.

Moyo was initially fired in June, having been suspended in May over what Old Mutual called a material breakdown in trust and confidence due to how he had managed a conflict of interest in relation to his investments in the NMT group of companies.

On Monday Old Mutual said it had that morning met Moyo and his legal team to explain that he would not be allowed to return to work “because the further notice of termination given on August 21 stands and Old Mutual’s contractual rights remain intact”.

“It must be noted the validity of this letter was not before the Gauteng local division of the high court last week Friday when the court heard an application brought by Mr Moyo … for leave to introduce further evidence and for further declaratory relief,” it said in a statement.

“Despite the high court – unexpectedly at the beginning of the hearing on Friday – dismissing Old Mutual’s application to suspend the July 30 reinstatement order pending an appeal, Old Mutual was at the same time granted leave to appeal the first judgment and is confident another court will come to a different conclusion.”

The company said its representatives had the full authority of the board to enforce the second notice of termination and take “all the related steps”.

African News Agency (ANA)