JOHANNESBURG – Old Mutual said on Monday that it would be filing appropriate appeal papers in the next few days after it barred sacked chief executive Peter Moyo from returning to work, despite the South Gauteng High Court ordering the group to do so last week.
The 174-year-old insurer prevented Moyo from going to work, despite Friday’s order that rejected its efforts to keep him out of his job. Old Mutual said it was within its rights to bar Moyo from getting his job back.
“Old Mutual will be filing the appropriate appeal papers in the next few days and will let you know when we have been granted a date for the hearing and which court will hear it. Old Mutual representatives have the full authority of the board to enforce the second notice of termination and take all the related steps,” the company said.
Moyo’s triumphant return to the company's Sandton office yesterday was short-lived after Old Mutual’s legal team informed him that the further notice of termination it gave to him last month stood and Old Mutual’s contractual rights remained intact.
Moyo was unceremoniously axed in June when the board cited a material breakdown of trust and confidence in him. He was placed on suspension a month earlier amid alleged conflict of interest in the NMT Group, an investment company he co-founded.