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Old Mutual: We are not in contempt of court in Peter Moyo case

On Tuesday, Old Mutual filed papers in response to Moyo's allegations that the company is in contempt of court by barring him from returning to work.

Former Old Mutual CEO Peter Moyo. Picture: YouTube

JOHANNESBURG - The legal fight between axed Old Mutual CEO Peter Moyo and the insurer is far from over.

On Tuesday, Old Mutual filed papers in response to Moyo's allegations that the company was in contempt of court by barring him from returning to work.

Last week, Moyo announced he was suing the insurer for R250 million after the group refused to let him resume his duties despite being instructed by the courts to do so.

The company has announced that it intended appealing the matter.

Old Mutual was adamant that it acted within the law when it ousted Moyo and was confident it would be able to successfully overturn the ruling reinstating the former CEO.

The company's Tabby Tsengiwe: “Old Mutual has always maintained that we believe that we are not in contempt of court. Everything we have around this case has been aligned to the law and in fact, the second letter of termination itself is aligned to the judgment that Judge Mashile had handed down in July.”

Moyo has called on the insurer to pay him out if they refused to reinstate him.

Old Mutual has reportedly lost up to R10 billion in market share since this fight began.

The Public Investment Corporation and some shareholders have called on Old Mutual to sort out its differences with Moyo while other shareholders said the company should fight on.