Peter Moyo loses bid to be reinstated as CEO, but plans to fight on
Former Old Mutual boss mulls approaching the president of the appeal court or the Constitutional Court for leave to appeal
Former Old Mutual CEO Peter Moyo has been dealt another blow in his attempt to be reinstated after a decision by the Supreme Court of Appeal to dismiss his appeal with costs.
The appeal court ruled that Moyo’s intended appeal had no reasonable prospects of success, which means that the decision by the high court in Johannesburg to overturn an earlier decision to reinstate Moyo still stands.
Old Mutual said it welcomes the ruling as it “enhances certainty” and believes it is one step closer to ending the litigation instituted against it by Moyo.
But it appears Moyo is not giving up the fight.
“Mr Moyo is going to exercise his right of further appeal. He has two options, either approach the president of the Supreme Court of Appeal for a reconsideration, or approach the Constitutional Court for leave to appeal,” Moyo’s attorney Eric Mabuza said.
The two parties have been embroiled in litigation since Moyo was suspended and then dismissed by Old Mutual in 2019. Judge Brian Mashile initially ruled that his dismissal by Old Mutual was unlawful and that Moyo should be reinstated as CEO.
In two highly publicised visits to Old Mutual’s headquarters in Sandton, Moyo attempted to discharge his responsibilities and gain access to his office but was told by the life insurance company that his services were not required.
In the interim, Old Mutual appointed Iain Williamson as interim CEO until a resolution to the litigation could be reached.
Old Mutual was successful in appealing against Mashile’s decision in January and last week was able to prevent Moyo from interdicting the company from appointing a permanent CEO. That recruitment process remains on track, says the company.
Old Mutual closed 7% weaker on Monday at R9.97 a share.