The legal saga between South Africa’s Old Mutual and its former chief executive Peter Moyo continues, with the firm taking the matter to the upper courts.
The insurer said it is appealing the entire judgement that was handed down on 29 July 2019, despite early local media reports stating it would abandon further legal action against Moyo.
Chairperson and independent non-executive director Trevor Manuel said, during a live press conference broadcast: “The victory last Friday [6 September] in being granted leave to appeal is fundamental to us because we believe we will be afforded an opportunity to set the record straight.
“We’ve got to see the legal process through its conclusion. We haven’t wanted to be in the courts, and we don’t want to continue in the courts forever.
“But the matter must come to a conclusion.”
Keep fighting
Old Mutual also released a statement saying that while it “would not be seeking further court intervention relating to Mr Moyo’s second letter of termination”, it has not “backed down” from appealing the earlier judgement in the high court.
It has said the same thing in a letter to Moyo’s lawyers.
“Old Mutual can categorically state it has not in the letter, nor in any other way, said it is not pursuing its appeal against the judgement handed down by Judge Mashile on 30 July,” the firm added.
“Old Mutual was granted leave to appeal by the high court a week ago and is indeed in the process of filing the requisite papers relating to that appeal.”
However, the company is waiting for a further judgement relating to Moyo’s “contempt counter-application” relating to his dismissal, which is expected next week.
“Old Mutual maintains that its second letter of termination to Mr Moyo remains valid and hence he is not permitted nor required to return to work in the interim,” the insurer said, which was confirmed by its legal counsel during the press conference.
Conflicting timeframes?
Additionally, when asked about the allegations of a triple conflict of interest, Manuel denied there was one in the first place.
Moyo claimed that his relationship with Manuel soured after he expressed concerns that the chairperson had directorships at three companies that each stood to benefit from the managed separation of Old Mutual, which was first announced in 2016.
Manuel argued on Friday that any conflicts present within Old Mutual were disclosed in a pre-listing statement compiled prior to Old Mutual’s listing last year.
He added that his directorships at Rothschild and Old Mutual plc and Old Mutual Ltd were recognised; and that, if there had been any further issues, they would’ve been placed in the statement, which was signed by Moyo.
“The issue of a triple conflict was never, ever ventilated within the confines of Old Mutual,” Manuel said.
“Peter Moyo signed the pre-listing statement when he confirmed there was no conflict.
“So, unless there’s a track of it, I find it very hard to believe.”
The sacking of Moyo has no connection to UK-headquartered Quilter or Old Mutual International, which has yet to adopt the group’s branding.
