Moyo abandons Old Mutual reinstatement bid but still wants R250m in damages
Continuing with the reinstatement bid may have required current Old Mutual CEO Iain Williamson to join the case, thereby further delaying proceedings
Peter Moyo, the former CEO of Old Mutual who was fired in 2019, has abandoned his bid to be reinstated as it would have required his replacement Iain Williamson to join the trial, something that would likely have further delayed legal proceedings that have been dragging on for almost three years.
In preliminary proceedings in the Gauteng high court, which were held online, Moyo’s legal counsel Dali Mpofu said his client would abandon his reinstatement bid in the interests of the trial proceeding. Mpofu said that since his client had been involved in legal proceedings against Old Mutual for close to three years he did not have the means to continue litigating indefinitely...