Peter Moyo, former Old Mutual CEO. Picture: SUPPLIED
Peter Moyo, former Old Mutual CEO. Picture: SUPPLIED

Old Mutual is appealing against the court judgment that ordered the insurer to reinstate CEO Peter Moyo after ruling that his dismissal was unlawful, it said on Wednesday. 

Moyo reported for work on Wednesday, but was not permitted to do any work because of the appeal, Old Mutual spokesperson Tabby Tsengiwe said.

"Mr Moyo is neither required nor permitted to report for work because the court judgment has been suspended as a result of our application to appeal," she said.

"He did, however, come [to work]. He is in the building but he is not working."

Old Mutual said Moyo was allowed access to the building when it opened on Wednesday morning, but that its legal team met Moyo and his lawyers to explain the insurer's approach.

The insurer filed its appeal against to Moyo's reinstatement on Wednesday morning.

On Tuesday, the high court in Johannesburg ordered Old Mutual to temporarily reinstate Moyo, who was fired on June 18 after a short suspension, due to a breakdown in trust between him and the board as a result of a conflict of interest linked to NMT‚ a company co-founded by Moyo and in which Old Mutual has shares. Moyo approached the court on June 28 for an urgent application to be temporarily reinstated and to interdict Old Mutual from filling his former position.

Old Mutual had made it quite clear in court that it did not want Moyo to return to the company, even if he won the case. 

"Old Mutual is confident it will be successful on appeal and that another court will come to a different conclusion," Tsengiwe said.

"Until then, the business continues as usual under the stewardship of the highly experienced Iain Williamson as interim CEO and a strong and competent leadership team."

Moyo is expected to lodge a damages claim against Old Mutual for reputation harm, and ask the court to declare the insurer’s board of directors — including chair Trevor Manuel — delinquent.