Peter Moyo at the South Gauteng High court in Johannesburg. Picture: FREDDY MAVUNDA
Peter Moyo at the South Gauteng High court in Johannesburg. Picture: FREDDY MAVUNDA

Old Mutual, SA’s second-largest insurer by market capitalisation, says it will continue with the CEO recruitment process, after the high court in Johannesburg reserved judgment on the matter on Tuesday.

In February, ousted CEO Peter Moyo filed an urgent application to interdict the JSE-listed financial services group from continuing with the process to hire his replacement.

Old Mutual has been involved in a bitter battle with Moyo since May 2019, when it suspended and later fired him over alleged conflicts of interest related to investment company NMT Capital. Moyo is one of the founders, and Old Mutual was a 20% shareholder.

A previous high court judgment that Moyo had been fired illegally was overturned by a full bench on January 14. The judgment allowed Old Mutual to start the process of appointing a new CEO.

The group has said any further legal challenges by Moyo will not derail its attempts to appoint a new leader and put the drawn out dispute behind it.

Moyo’s attorney, Eric Mabuza, could not immediately be reached for comment.

mkentanel@businesslive.co.za