Axed Old Mutual CEO Peter Moyo in court. Picture: Nokuthula Mbatha/African News Agency/ANA

JOHANNESBURG - The High Court in Johannesburg on Tuesday ruled that Peter Moyo be reinstated as chief executive officer of Old Mutual.

He sought the assistance of the courts after the insurer first suspended and fired him in May over alleged conflict of interest. 

Moyo on his part alleged that he was axed after he exposed Old Mutual chair Trevor Manuel for alleged conflict of interest. 

He was supported by his family in court and after proceedings, he expressed his delight with how everything played out. 

“I am happy and I am back in the office tomorrow morning at 8 o’clock. In terms of my contract of employment, they had not dealt with it correctly. But the main thing now is that I am back as the chief of Old mutual and I have got to rebuild it,” he said.

Eric Mabuza, for Moyo, said his client was back in his position with no conditions. 

“This case was all about accountability, transparency and the protection of corporate governance. In the end, justice prevails. We can now proceed with Part B of the proceedings,” Mabuza said.

The judgment is only Part A of Moyo’s legal battle against his the company. The second part of his application is set to commence within 60 days of the outcome of the ruling. He will be lodging a damages claim for reputational harm.

Legal proceedings were delayed by more than an hour when Judge Brian Mashile was not available to deliver the ruling. It was instead read out by a different judge on his behalf.

African News Agency (ANA)