JOHANNESBURG - Old Mutual on Monday said its estranged CEO Peter Moyo has not been allowed to come to work and the company was still in the process of securing a declaratory order.
“We are hoping that the order will be heard by the courts next week Tuesday. In the meantime, Mr. Moyo is not required to come to the premises, he has been forbidden,” said the insurer’s spokesperson Tabby Tsengiwe.
Last week Tuesday, the Gauteng South High Court ruled that the axed CEO be reinstated with immediate effect. The judgement was made after Moyo was fired in May over an alleged conflict of interest involving investment company NMT Capital, the investment company he founded.
Moyo reported for work the following day after the ruling, but Old Mutual did not allow him to resume his duties as chief executive.
Old Mutual, which said it was appealing against Moyo's reinstatement, insists it can not take him back because there has been a "breakdown of trust".
The judgment was only Part A of Moyo’s legal battle against his company.
The second part of his application is set to commence within 60 days and he has lodged a damages claim for reputational harm.
Asked to comment on the matter on Monday, Moyo’s lawyer, Eric Mabuza declined to do. He, however, indicated that he would be able to give an update on Tuesday.
- African News Agency (ANA)