The Gauteng High Court (Johannesburg) has dismissed an urgent application by former Old Mutual CEO Peter Moyo to stop the company from hiring a new chief executive on a permanent basis pending the appeal of a January ruling that found his dismissal was lawful.

Fin24 notes the ruling is a setback for the embattled former head of the financial services group, who has faced his former employer in a drawn-out legal battle since his axing in June 2019.

Old Mutual welcomed the ruling by Judge Colin Lamont, saying the company ‘looks forward to continuing with our intensive process to recruit a permanent CEO’.

‘This will give us and the market much-needed certainty,’ the company said.

Moyo's lawyer Eric Mabuza said he was unfazed by the ruling, referring to it as a ‘side issue’.

‘The biggest issue for us now is the pending ruling by the appeals court,’ he said.

In June 2019, Old Mutual dismissed Moyo, citing a breakdown in trust and a conflict of interest related to payment of dividends by NMT Capital, a boutique investment firm Moyo co-founded. On 14 January, Old Mutual won its appeal against a July 2019 ruling by Judge Brian Mashile to have Moyo reinstated. But Moyo's legal team filed an application on 29 January to appeal the matter at the SCA.

Effectively Lamont ruled that Old Mutual could continue its search for a new CEO despite Moyo’s attempts to approach the SCA.

In the second part of his application, notes Business Day, Moyo is attempting to have the directors of Old Mutual, including board chair Trevor Manuel, ruled delinquent and is asking for payment of R250m in damages, arguing his reputation has been ruined.

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