The High Court in Johannesburg has ruled that Peter Moyo should be reinstated as Old Mutual CEO on a temporary basis pending the outcome on the second part of his court application. The court also interdicted the company from filling his position.
Old Mutual fired Moyo citing a conflict of interest with an investment firm he founded.
The board of Old Mutual, chaired by former finance minister Trevor
Manuel, has suspended Peter Moyo with immediate effect pic.twitter.com/auxwTnTyWg
— Engineer Matshela Koko (@koko_matshela) May 24, 2019
Moyo filed an urgent application for his reinstatement after he was ousted in May. Old Mutual has been ordered to pay Moyo’s legal fees in the matter.
The second part of his application pertains to the board. Moyo wants Old Mutual’s board to be declared “delinquent,” which would prevent them from holding any directorship positions for a number of years.
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