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Peter Moyo consulting lawyers after being fired again by Old Mutual

Moyo was fired for the first time in June for what Old Mutual said was a conflict of interest regarding his company NMT Capital.

Former Old Mutual CEO Peter Moyo. Picture: YouTube

JOHANNESBURG - Peter Moyo is consulting his lawyers after he was again fired by Old Mutual.

The legal tussle between Moyo and the insurer has been dragging on for weeks now.

He was fired for the first time in June for what Old Mutual said was a conflict of interest regarding his company NMT Capital.

But Moyo fired back, accusing board chair Trevor Manuel of doing the same regarding his position with the Rothschild Group.

Last month, the High Court in Johannesburg ruled that Old Mutual had not followed proper procedure in the matter and ordered his reinstatement. The company is appealing this.

In a dramatic development, Old Mutual sent a note to its shareholders informing them of its latest decision to fire Moyo.

But Moyo’s legal team said this was in contempt of an earlier ruling in his favour.

His lawyer Eric Mabuza said: “Old Mutual terminated his contract in June and they told everyone that his contract is terminated, so the question is which contract are they terminating.”

Old Mutual is still waiting for the High Court to rule on its application for leave to appeal against Moyo’s reinstatement.

The company said it would not speak on the matter.