Old Mutual: Peter Moyo’s dismissal stands, he cannot return to work
Old Mutual has denied reports that it is backing down on litigation with fired CEO Peter Moyo.
JOHANNESBURG - Old Mutual has denied reports that it is backing down on litigation with fired CEO Peter Moyo.
The insurer said Moyo’s dismissal stands and he cannot return to work.
Moyo was fired twice for alleged conflict of interest regarding his company NMT Capital. He went to court to challenge the first dismissal and the Johannesburg High Court ruled twice that Moyo should be re-instated.
Old Mutual spokesperson Tabby Tsengiwe said the company decided to rely only on the second dismissal.
“We are saying that the second letter of termination served on Mr Moyo on 21 August stands and is valid, it has not been contested even by Mr Moyo himself in the courts. And we are saying we are not going to seek court processes for any further clarification because Old Mutual believes that letter is valid and it stands, and as a result, Mr Moyo is neither required nor permitted to report to work,” she said.