On Tuesday, at the Johannesburg High Court, Old Mutual won an appeal against the axed Peter Moyo to be reinstated claiming that the company didn’t follow the protocol, and the court dismissed the accusations saying the company ‘acted lawfully’. Moyo was suspended in May and axed fired in June; he took the company to court with Judge Brian Mashile ruling that he be reinstated.
Old Mutual cannot look for Peter Moyo’s successor as of yet. A panel of judges Pieter Meyer, Raylene Keightley and Keoagile Matojane, found the company to have acted lawfully. The company axed and accused Moyo of gross misconduct.
Now, this was supposed the end of the story, but not when you are Peter Moyo and have a lawyer like Eric Mabuza, it is now confirmed that they will appeal, and as such, a new Old Mutual CEO cannot be appointed.
“This is really a sideshow because you must remember this was an interim reinstatement. The real case is about permanent reinstatement or damages, as well as the delinquent application that is still pending.”
The issue goes beyond ‘reinstating’ Moyo as he will forge ahead with other lawsuits which include a board of 14 members, including the chairman Trevor Manuel. Moyo also accuses Old Mutual of contractual and reputational damages summing up to R250-million.
According to Business Maverick, The Old Mutual Spokesperson said: “The judgment provides legal clarity on corporate governance and board stewardship, including the relationship between the board and its executive leadership, in this instance, the CEO of the company,” writes Ray Mahlaka.