JOHANNESBURG - Old Mutual chief executive officer, Peter Moyo, reported for duty on Wednesday -- after a Johannesburg court ruled in his favour -- despite the insurer's decision to appeal the court ruling.
"The filing of the appeal will suspend the operation of the court order," Old Mutual said a statement after the court proceedings -- which were a result of his unfair dismissal in May about the alleged conflict of interest.
"Mr Moyo has been informed that he is not required or permitted to resume his duties, pending the outcome of the appeal proceedings. Old Mutual maintains that the urgent application by Mr Moyo was ill-conceived, contained a number of false allegations, and should have been dismissed.
"While the company respects the court and its processes, it now plans to appeal to a higher court to argue that it acted lawfully when it terminated Mr Moyo's employment."
Moyo was fired for alleged misconduct owing to the conflict of interest in NMT Group, the investment company he founded. He was found in breach of dividend payments of R115 million, of which the benefit to NMT Group was about R31 million.