The judge also blocked South Africa’s No.2 insurer, which suspended Moyo in May and fired him in June following a disagreement over an alleged conflict of interest, from taking any steps to replace the CEO while a fuller case against his dismissal was heard.“The … suspension and subsequent dismissal were unlawful,” Judge Brian Mashile’s judgment, which was read out by another judge, said.
In court papers, he has accused Old Mutual Chairman Trevor Manuel and other members of the board of their own governance breaches. The affidavit said the insurer was also considering whether to claw back any part of the R35.5 million already paid to Moyo as part of his remuneration.Old Mutual was accused of investigating Moyo behind his back before serving him with a notice of suspension less than 24 hours before its annual general meeting .
Moyo said that although he was aware of the opposing views between him and the board over certain issues, he thought his axing was “most inappropriate” and the statement announcing the matter “badly written”.Asked if he saw the end of his tenure at Old Mutual coming, Moyo said he preferred to reserve his response.
Moyo, one of the financial services sector’s most high-profile leaders, presided over Old Mutual’s return to South Africa, after almost two decades of having its primary listing in London. He was steering it to becoming a Pan-African company. The saga over Moyo’s dismissal has proved a reputational headache for one of South Africa’s oldest companies, and one that could prove costly if Moyo’s broader case is successful.
WMC dropped not shares
The nonsense you guys write with your partisan rubbish. Is he also the reason the stock has been declining for the last 5 days. And why did all financial stocks decline today? Also the re-instatement of Peter Moyo? I will listen on the radio!
Bruceps brucebusiness your take on this judgment gentlemen. How will this affect Moyo's business with Old Mutual and how will he work with a board that doesn't want him. Is an appeal on the cards
Fell?this shares have jealous and prejudiced?
And the EFFSouthAfrica says the Judiciary is captured maara Dali Mpofu has just won a case.
Victory for the under dogs. The country and the world are run by most powerful individuals and cartels. Truly gratifying to see that the Justice system still has teeth.👌🏽
LevelsKwedini
They are cryz this Africa not Europe
Temporarily?
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