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Former Old Mutual CEO’s leave to appeal is dismissed by High Court

Former Old Mutual CEO’s leave to appeal is dismissed by High Court

Old Mutual former CEO Peter Moyo’s leave to appeal his R250 million claim against Old Mutual in the Johannesburg High Court has been dismissed with costs, a statement from Old Mutual said yesterday.

Moyo was dismissed from Old Mutual as he had violated his employment contract by placing his private financial interests ahead of the company.

Moyo had chaired a meeting of the NMT Capital Board on July 4, 2018, where it was decided to pay an ordinary dividend of R105 million.

Moyo and his partners thus shared R84m, while omitting to pay preference share dividends, valued at R65.4m at the time, due to Old Mutual.

“Old Mutual’s board engaged Moyo for months about the matter, and subsequently, following the exchange of various correspondence and a meeting where Moyo was given another chance to address the situation, the board, on the basis of legal advice, found Moyo’s continued employment to be untenable,” the insurer said.

Moyo had claimed R250m damages from Old Mutual, R230m of which related to his alleged unfair dismissal, an application which the High Court dismissed last January.

The court also dismissed Moyo’s attempt to declare Old Mutual’s board members delinquent and in contempt for blocking him from returning as CEO in 2019.

BUSINESS REPORT

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