Moyo bids to halt appointment of Old Mutual CEO
Former Old Mutual CEO Peter Moyo had filed an urgent application to stop the process to appoint a new CEO, notes Business Day.
The group has been involved in a bitter battle with Moyo since May, when it suspended and later fired him over alleged conflicts of interest related to investment company NMT Capital.
Old Mutual says it ‘is considering the latest application and will first consider the advice from our legal team before deciding on our next steps’. It has until 20 February to file a notice of opposition to the application’, it said.
A previous High Court judgment that Moyo had been fired illegally was overturned by a full Bench on 14 January.
The judgment allowed Old Mutual to start the process of appointing a new CEO.
Moyo’s lawyer, Eric Mabuza, said yesterday that on the day of the judgment Moyo’s legal team notified Old Mutual by letter they could not proceed with the process as an appeal would be filed. That notice meant the 14 January judgment would be suspended until the appeal process was completed, he said.
Moyo had one month to file the appeal but did so on 28 January.
On 5 February, the team asked Old Mutual for an undertaking that it would not continue with the CEO appointment process.
On 10 February, the company said it would not give the undertaking, which led to the filing of an urgent High Court application to stop the process on 14 February, said Mabuza.
The case is to be heard on 10 March, but Mabuza said the insurer still has the option to give an undertaking that it will not go ahead with the appointment.
Old Mutual said that it ‘regrets that we are being drawn into yet another round of court proceedings by Mr Moyo’.
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