Court Orders Reinstatement Of Old Mutual CEO

The courts in South Africa have ordered the reinstatement of former Old Mutual CEO Peter Moyo. In the case brought by Moyo the Gauteng High Court found that his suspension in May and subsequent dismissal in June from the JSE listed insurer were unlawful. 

Old Mutual claims that Moyo had a conflict of interest in his personal business matters and that he allowed dividends owed to the company to slide into arrears while he received a hefty payout. However, Moyo has contended that it was the firm’s chair Trevor Manuel who had the conflict of interest. 

Under the ruling Old Mutual is unable to appoint a replacement for Moyo and must also pay his legal costs in the case. 

Following the court order the company said that it intends to appeal the ruling and that in the meantime interim CEO Ian Williamson will continue in the position.