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Moyo says Old Mutual in contempt of court for barring him from work again

The High Court in Johannesburg ordered he be reinstated after he was fired for an alleged conflict of interest.

FILE: Peter Moyo in the Johannesburg High Court on 18 July 2019. Picture: Nthakoana Ngatane/EWN

JOHANNESBURG - Axed Old Mutual CEO Peter Moyo on Wednesday said the company was in contempt of court for barring him from returning to work again.

The High Court in Johannesburg ordered that he be reinstated after he was fired for an alleged conflict of interest.

Moyo is locked in a protracted legal battle with the Old Mutual board and was fired by the insurer in June.

The former CEO was fired due to a what the company claimed to be a material breakdown in trust and confidence, which was later attributed to the handling of a conflict of interest regarding payments to NMT Capital, a company he co-founded.

He maintained that the board could not replace him until the matter was concluded.

“It’s on legal advice that 'Peter, the court said go back to work, you've got to go and tender your services.' And in our opinion this is yet another case of contempt.”