Judgement deferred in contempt of court case between Old Mutual and Peter Moyo
JOHANNESBURG - A South African court on Monday deferred judgement in a contempt of court case between the country’s No.2 insurer, Old Mutual and the CEO it sacked, Peter Moyo, with the judge outlining a number of steps the parties should take before a decision is made.
Old Mutual fired Moyo in June in a dispute related to a conflict of interest, but he was later reinstated by a judge.
The insurer however did not allow him to return to work and took further measures to prevent this, prompting Moyo to apply to have it declared in contempt of court.
It was not immediately clear how long the additional steps required by the court to make a ruling will take.
Just last week, Old Mutual’s non-executive director Nombulelo Moholi resigned with immediate effect from the company.
Old Mutual, in a statement on the Stock Exchange News Service (SENS) said: “In compliance with rule 3.59 of the JSE Listings Requirements, Old Mutual announces the resignation of Ms Moholi as a non-executive director of the Company and Old Mutual Life Assurance Company (South Africa) Limited, as well as chairman of the remuneration committee of the Company, with effect from 18 September 2019 for personal reasons.
REUTERS/ BUSINESS REPORT ONLINE