Judgment in Peter Moyo's application against Old Mutual set for next week
Judgment in the application by former Old Mutual CEO Peter Moyo is expected to be handed down next Tuesday.
When the application by Moyo to be reinstated to his position was heard in the Johannesburg high hourt last week, acting judge Brian Mashile said he hoped to make a ruling on Friday.
The parties have been informed that judgment will now be handed down on Tuesday.
Old Mutual fired Moyo on June 18, citing a breakdown in trust between him and the board, as a result of a conflict of interest linked to NMT, an investment company co-founded by Moyo. Old Mutual has shares in NMT.
Moyo, who was suspended in May, approached the court on June 28 for an urgent application to be temporarily reinstated and to interdict Old Mutual from filling his former position.
After he was fired, Old Mutual appointed COO Iain Williamson as acting group CEO.
During arguments last week, Moyo’s advocate, Dali Mpofu SC, said Moyo was a victim of the company's inability to protect whistleblowers.
“What we are really [dealing] with here is a case of victimisation,” Mpofu said during the hearing in which Moyo sought to be reinstated.
Tembeka Ngcukaitobi SC, another counsel for Moyo, told the court the only reason Moyo was fired was because of his conflict with Old Mutual chairperson Trevor Manuel and because of interviews he had with the media on the day of his suspension.
Ngcukaitobi said Old Mutual had expanded its case to the court, including things that were not cited as reasons for Moyo’s suspension.
However, Old Mutual argued that the board had lost confidence in the way in which the conflict of interest was managed.
Old Mutual counsel Hamilton Maenetje SC said
although Old Mutual did give reasons for the board’s loss of confidence and trust in him, Moyo could not use them to challenge his dismissal.