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Old Mutual declines to settle case with ex-CEO Peter Moyo

Old Mutual has declined an offer by the Johannesburg High Court to settle its case with fired CEO Peter Moyo before completion of arguments.

Former Old Mutual CEO Peter Moyo in the Johannesburg High Court on 16 July 2019. Picture: EWN

JOHANNESBURG - Old Mutual has declined an offer by the Johannesburg High Court to settle its case with fired CEO Peter Moyo before completion of arguments.

Judge Brian Mashilo suggested that Old Mutual reinstate Moyo before the insurer had made its arguments and he offered the parties 15 minutes to come to a settlement.

But the two sides came back saying they couldn't find one another.

Judge Brian Mashilo believed Old Mutual and Moyo could settle their dispute even though the insurer hadn't made its arguments.

"Can we have 10 to 15 minutes to try and see whether we can modify what I'm saying? Everyone saves face, if that's right phrase to use... the applicant comes out clean, there's nothing about the chairperson..."

But Moyo’s lawyer Advocate Dali Mpofu says they couldn't agree.

"Unfortunately my lord, the parties could not agree."

Old Mutual lawyer Advocate Ngwako Maenetje said they tried but failed.

"The parties genuinely considered what you suggested but could not come to any agreement."

Mpofu and his team are concluding their arguments, to be followed Maenetje.

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