The ousted chief executive of South Africa’s Old Mutual, Peter Moyo, has filed a petition with the Supreme Court of Appeal as his battle to return to the boardroom drags on.
On 14 January 2020, the South Gauteng High Court upheld the insurer’s appeal to stop Moyo’s temporary reinstatement and allow it to find a permanent replacement.
But the sacked boss is refusing to give up and has taken his legal fight all the way to the country’s top court.
“Old Mutual confirms it has received a petition filed by former chief executive Peter Moyo to the Supreme Court of Appeal against the recent full-bench decision that set aside his temporary reinstatement order and dismissed his application,” the insurance provider said.
Moyo had already hinted at taking the case further, shortly after his defeat in the high court.
Not shying away
“Old Mutual will be opposing the petition and is in the process of preparing its answering papers,” the firm added.
“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.
“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.”
Timeline of events
The case started in May 2019, when Moyo was suspended due to an alleged breakdown in trust and confidence between him and Old Mutual’s board, especially with chairman Trevor Manuel.
The former chief executive was sacked nearly a month later.
He sued the insurer over his dismissal and the first ruling by judge Brian Mashile deemed the move unlawful.
Moyo was reinstated on a temporary basis, a decision which was appealed by Old Mutual .
This then led the insurer to sack him a second time, prompting Moyo to sue the company for contempt of court.
Manuel was forced to apologise for comments he made about the judge during a press conference in August 2019, which ultimately resulted in Mashile stepping down from the case at the end of last year.
Old Mutual South Africa is not connected with Quilter or Isle of Man-headquartered Old Mutual International, following the managed separation of the group in 2018.
