Moyo sues Old Mutual for R250 million

SABC News Peter Moyo - Moyo sues Old Mutual for R250 million

Former Old Mutual CEO, Peter Moyo is suing the insurance group for R250-million or permanent reinstatement into his position.

Moyo has said the spat between them has ruined his reputation and he will probably never again find employment in corporate South Africa.

The dispute began when in June when Old Mutual announced it was firing Moyo due to his ownership of another company that Old Mutual also has shares in.

Moyo has been challenging his dismissal in court.

The High Court in Johannesburg found that Moyo’s dismissal was unlawful and Old Mutual was ordered to reinstate him on a temporary basis.

However, Old Mutual challenged this judgement but that was also dismissed.

Moyo’s lawyer Eric Mabuza says, “The first prize that Mr. Moyo wants is permanent reinstatement to go back to his work and an alternative then he does a claim for damages. The judge has said that he’s temporarily reinstated.”

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