The insurer plans to appeal to a higher court to argue that it acted lawfully when it terminated Moyo's contract.
Following the South Gauteng High Court’s judgement to temporarily reinstate Peter Moyo as Old Mutual’s CEO after “unlawful suspension and dismissal”, Old Mutual released a statement in which the company said it plans to appeal Judge Adams’s ruling.
In the statement, Old Mutual said that the filing of the appeal will suspend the operation of the court order. Pending the outcome of the appeal proceedings, Moyo has been informed that he is not required or permitted to resume his duties.
The insurer said that the urgent application by Moyo was “ill-conceived, contained a number of false allegations, and should have been dismissed”. And while it respects the court and its processes, Old Mutual now plans to appeal to a higher court to argue that it acted lawfully when it terminated Moyo’s employment. The company said that it had followed sound governance principles when it terminated Moyo’s contract and that it had given valid notice under Moyo’s employment contract.
The statement said that the directors of the company are resolute that they have, at all times, “acted in keeping with their fiduciary responsibilities to the company and its shareholders, policyholders, staff and other stakeholders”. Old Mutual made it clear that there has been a complete and irreparable breakdown in trust and confidence in Moyo.
“The company is optimistic that it will be successful on appeal and that another Court will come to a different conclusion.”
Until then, the company says that business continues as usual under interim CEO Iain Williamson, supported by “a competent and focused leadership team”.
