Peter Moyo was axed in June following a suspension in May, with Old Mutual citing a conflict of interest and a breakdown in trust.
File: Peter Moyo was suspended in May and later fired as CEO of Old Mutual.
JOHANNESBURG – The South Gauteng High Court has dismissed an application by Old Mutual preventing its former CEO Peter Moyo from returning to work.
Judge Brian Mashile dismissed the application with costs.
Moyo was axed in June following a suspension in May, with Old Mutual citing a conflict of interest and a breakdown in trust.
Moyo owns 25 percent of a company called NMT, which he co-founded, while Old Mutual also owns 20 percent in NMT.
Old Mutual’s board cited NMT’s breach of dividend payments as the reason for their problem with Moyo.
It appears that Moyo was paid dividends of R31-million, while Old Mutual was still owed payouts from NMT.
But Moyo has, in turn, argued his “deteriorating” relationship with Old Mutual chairman Trevor Manuel was central to his dismissal.