Old Mutual to oppose Moyo’s Appeal Court petition
Last month, the South Gauteng High Court upheld Old Mutual’s appeal against temporarily reinstating Moyo, with costs.
Old Mutual spokesperson Tabby Tsengiwe confirmed that the insurer had received a petition filed by Moyo, and that the insurer would oppose it.
“Old Mutual will be opposing the petition and is in the process of preparing its answering papers,” Tsengiwe said. “Although it is not Old Mutual’s preference that this legal case should continue to be drawn out, we are quite confident that all steps taken by Old Mutual were both legally valid and necessary, and we remain resolute in our duty to protect and continue to act in the interests of all Old Mutual’s stakeholders.”
The legal wrangle between Moyo and Old Mutual dates back to May 2019 when the charismatic former chief executive was suspended and summarily dismissed a month later following a material breakdown in trust and confidence between him and the board.
Old Mutual said Moyo had declared dividends of R30.6 million from his NMT group of companies, from which he stood to benefit despite being contractually obliged to prioritise Old Mutual’s interests over his interests.
Old Mutual is also a minority shareholder in NMT. The company has on numerous occasions prevented Moyo from gaining access to his office following his initial court victories to be reinstated.
In August, Old Mutual issued another notice terminating his employment, paying out six months of his salary.
But Moyo retaliated later that month, saying he would sue the company for R250m in damages and applied to have the Old Mutual’s board of directors declared delinquent.
Moyo’s lawyer, Eric Mabuza, did not immediately respond to requests for comment. But Old Mutual said that Moyo’s latest court bid would not stop it from its search for a new boss.
“While Mr Moyo pursues his latest round of litigation, Old Mutual remains focused on conducting its business, and is proceeding with the process for the recruitment of a permanent chief executive,” Tsengiwe said.
Old Mutual’s shares closed 1.73 percent lower at R17.00 on the JSE yesterday.