Peter Moyo denies breakdown in trust with Old Mutual
JOHANNESBURG – Peter Moyo, Old Mutual’s under-fire chief executive, has once again denied that there is complete destruction in the relationship of trust between himself and the JSE-listed company.
In his replying affidavit to Old Mutual’s contempt of court application filed at the South Gauteng High Court on Tuesday, Moyo said that Old Mutual cannot merely assert a breakdown in trust and confidence.
“It must prove a breakdown in trust and confidence. More importantly, a court of law has decided that the alleged breakdown is not complete or irretrievable. That decision whether it is correct or not stands as we speak,” Moyo said in the court documents.
Moyo has also sued Old Mutual and its directors for contempt of court after refusing to let him resume his duties.
“If Old Mutual is unable to establish facts, which would objectively entitle it to conclude that there has been a breakdown in trust and confidence, it is illegal and unlawful to simply terminate my employment relationship,” said Moyo.
Moyo was suspended from the board in May for a breakdown in trust and confidence.
He was fired in June, and again in August in an open letter to shareholders in which the company said it was clearly in the best interests of the company and its stakeholders that the employment relationship with Moyo should come to an end.
Moyo last week sued Old Mutual and its directors for R250 million after the group refused to let him resume his duties, despite the South Gauteng High Court ruling that he should be reinstated.