JOHANNESBURG – Old Mutual on Tuesday pleaded with the South Gauteng High Court to accept its second letter terminating under-fire chief executive Peter Moyo as lawful.
Old Mutual told the court that the issuing of the second letter of termination was lawful and not in contempt of court.
In the court papers responding to Moyo’s contempt-of-court application, Craig McLeod, Old Mutual’s head of legal, said the decision to issue the second notice of termination was a step that was logically and legally discrete from the decision to issue the first notice of termination.
McLeod said it was a step taken for reasons that were different and separate from those that led to the first notice of termination.
He said the directors had reached the conclusion, in the course of the litigation that ensued following the first notice of termination, that, irrespective of the outcome of the litigation, a continued relationship with Moyo had become untenable, and that consequently it was in the best interests of the company to give further notice of termination of his employment.