Old Mutual told a full bench of three judges it was within its right to terminate the contract.
However, Moyo’s legal council Dali Mpofu urged the bench judges to dismiss Old Mutual’s appeal.
“It would make a mockery of the idea of an interim order,” Mpofu told the South Gauteng High Court yesterday.
Old Mutual is appealing the interim order by Judge Brian Mashile in July to reinstate Moyo citing that the court should consider that the breakdown of confidence was at the crux of the matter. South Africa's oldest insurer previously said that the nature of its relationship with Moyo would potentially have serious, immediate, ongoing and irreparable damage on its management.