Old Mutual will appeal the High Court ruling on Tuesday which re-instated Peter Moyo as CEO, a company spokesperson confirmed to Fin24.
Old Mutual has also been interdicted from appointing anyone to replace Moyo and was ordered to pay Moyo's legal costs.
Old Mutual, Manuel and Moyo are all dodgy.What a farce, you would think for firing a CEO they would have followed due process. Anyways, fun to watch the board and the CEO at war. Share price is diving. Personally I think he is dodgy. He sits on the board of a few companies too like Nedbank. I wander how long before they drop him too.
More at : https://www.fin24.com/Companies/Financial-Services/old-mutual-files-urgent-court-papers-to-stop-moyo-resuming-duties-20190802Old Mutual said on Friday it has filed an urgent declaratory order application asking the court to block its newly reinstated CEO Peter Moyo from resuming his duties.
Company spokesperson Tabby Tsengiwe said there had been conflicting interpretations of the Tuesday court ruling, which found that Moyo should return to work with immediate effect. The company later announced it would appeal and said, as a result, Moyo's return to the office was therefore halted, as they planned to challenge the ruling.
More at: https://citizen.co.za/business/business-news/2166871/peter-moyo-puts-new-screws-on-old-mutuals-board/The former CEO now wants its members declared in contempt of court as well as delinquent.
Axed Old Mutual CEO Peter Moyo has launched a new offensive in his battle against SA’s second-largest insurer.
This time, he wants the conduct of Old Mutual to be censured by a high court over its failure to comply with a judgment on July 30 that immediately reinstated him as CEO and blocked the insurer from taking steps to appoint his successor.
In what is now definitely a nasty battle between the two parties, Moyo has asked the high court in Johannesburg for an order to declare the conduct of Old Mutual and its board of directors to be in contempt of court. A contempt of court offence relates to being disobedient or disrespectful towards a court of law regarding its judgments/orders.
To recap, Moyo was reinstated to his top job by a high court judgment as it found that Old Mutual had not followed proper processes when it initially suspended him on May 23 and subsequently fired him on June 18.
Old Mutual is appealing the judgment, saying the appeal process means that the insurer doesn’t have to comply with the judgment.
More at:JOHANNESBURG - Peter Moyo is consulting his lawyers after he was again fired by Old Mutual.
The legal tussle between Moyo and the insurer has been dragging on for weeks now.
He was fired for the first time in June for what Old Mutual said was a conflict of interest regarding his company NMT Capital.
But Moyo fired back, accusing board chair Trevor Manuel of doing the same regarding his position with the Rothschild Group.
More at : https://www.businesslive.co.za/bd/companies/financial-services/2019-08-27-peter-moyo-wants-old-mutual-declared-in-breach-of-constitution/. Former Old Mutual CEO Peter Moyo has upped the ante, launching yet another high court application, this time trying to have the insurer declared in breach of the constitution.
Moyo says Old Mutual contravened SA’s supreme law by firing him again while the JSE-listed company was still awaiting judgment on the legality of its first bid to dismiss him.
The latest salvo by Moyo, who was first axed by the country’s second-largest insurer in June, comes after Old Mutual served him with a second notice to terminate his employment last Wednesday. The company issued an open letter to shareholders on Thursday, saying the second dismissal was meant to make it clear that regardless of any court ruling Moyo would not be welcomed back as CEO.
Judge Brian Mashile of the Johannesburg high court ordered Old Mutual in July to reinstate Moyo temporarily because it had fired him without a disciplinary hearing in June for an alleged conflict of interest involving NMT, a private equity firm that Moyo co-founded.
Old Mutual Life is a shareholder in NMT.
Old Mutual’s image has taken a hit as a result of the dispute, causing its share price to slump nearly 19% in the three months since it first announced Moyo’s suspension. At close of trade on Tuesday, its share price was 2.76% lower at R17.60.