Old Mutual hit out at its former CEO, Peter Moyo, ahead of a hearing in the Gauteng High Court in which the group’s former boss is seeking both reinstatement and R250m in damages from the company.

A Business Day report says the case – which began yesterday – centres on whether Old Mutual was entitled to terminate Moyo’s contract on six months’ notice as per the terms outlined in his employment contract.

Old Mutual says Moyo’s case against it ‘will be defended vigorously as having no merit’ as it was entitled to terminate his employment by giving notice in accordance with the contract, which ultimately saw the firm pay him six months’ salary.

‘Old Mutual does not only dispute the amount Moyo is claiming, but indeed that any damages whatsoever are due,’ the company said in a statement yesterday.

The court case stems from Old Mutual’s decision to first suspend and then later dismiss Moyo in 2019 over alleged conflicts of interest related to NMT Capital, the investment firm he helped found and in which Old Mutual was a 20% shareholder.

‘Old Mutual anticipates the dismissal of the current claim will finally put an end to the needless rounds of litigation instituted by Moyo,’ the group said.

Full Business Day report