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Old Mutual doesn’t want Peter Moyo back after court case

Peter Moyo was fired because of a conflict of interest involving a company he founded, NMT Capital.

Former Old Mutual CEO Peter Moyo. Picture: YouTube

JOHANNESBURG - Old Mutual has told the Johannesburg High Court that even if it ruled in favour of axed CEO Peter Moyo, the insurer didn't want him reinstated.

Moyo was fired because of a conflict of interest involving a company he founded, NMT Capital.

Old Mutual’s lawyer Ngwako Maenetje said Moyo’s allegations of victimisation were unfounded and the court should dismiss his application to be reinstated.

Moyo was clear that he wanted his job back, and Old Mutual should be interdicted from appointing his replacement.

But Maenetje said the insurer didn't want him back.

“Even if the application passes, reinstatement is not an option. This is a case about the loss of trust.”

Moyo had claimed that he was axed because he revealed that board chair Trevor Manuel didn’t manage certain conflicts of interest.

Maenetje said this was untrue as the issue of Manuel’s legal fees wasn’t ignored but referred to the auditors.

“The court must dismiss the application with costs.”

Judge Brian Mashilo said he would deliver judgment on Friday, 26 July.