Peter Moyo seeks R250m in damages from Old Mutual
But Old Mutual says it will defend ‘any claim vigorously’, adding that it believes it was correct to fire the CEO
Old Mutual said fired CEO Peter Moyo issued the insurer with a summons seeking damages totalling R250m.
The company will defend “any claim vigorously”, Old Mutual said in an e-mailed response to questions on Wednesday.
The amount is in addition to the R36m Moyo received for “doing the job” and R4m for his six months notice period, it said. “Old Mutual believes that it was correct to dismiss Mr Moyo.”
Moyo said his primary intention was to get his job back. “If they don’t give me my job back, I am entitled to claim in accordance with my contract,” he said after Old Mutual confirmed the claim.
He has also chosen to make a claim for what he views as a violation of the law by Old Mutual, Moyo said, declining to comment on the amount because the court filings may not have been made public yet.