Breaking News

Old Mutual blocks CEO Moyo from returning to work again

by Bloomberg
09 September 2019 | 2103 Views
(Bloomberg) - As Peter Moyo hung around Old Mutual Ltd.'s headquarters in Johannesburg getting a coffee, a staffer came up to him, hugged the on-and-off again chief executive officer, and said how good it is to see him. The insurer's board members weren't as welcoming.

It was deja vu as Moyo, 56, dressed in a blue suit with a grey and white tie and accompanied by his wife, went back into a boardroom to wait and see whether he can report for duty – mirroring events almost six weeks earlier.

The 174-year-old company and its CEO are locked in a messy legal battle since his suspension in May and dismissal in June amid allegations and counter-accusations of corporate-governance failures.

The company is preparing a court application which Moyo will "vigorously” oppose, his lawyer Eric Mabuza told reporters at Old Mutual's offices. Moyo will study the application before deciding whether he will try to report for work again on Tuesday, he said as he prepared to leave the firm's offices.

After ruling on July 30 that the firing was unlawful and that he can return to work, Moyo was sent home the next day as Old Mutual appealed the judgment. The Johannesburg High Court Friday dismissed Old Mutual's bid to block Moyo from working, while allowing the insurer leave to appeal the initial judgment.




On Aug. 21, Old Mutual gave Moyo further notice of termination, which still stands as the validity of this letter hasn't yet been heard in court, the company said in an emailed statement. Old Mutual, which has businesses spanning asset management to private equity across 12 African countries, is confident another court will come to a different conclusion on the first judgment, it said.

The spat is among the nastiest bust-ups in recent South African listed-corporate history and has pitted Moyo against Old Mutual Chairman Trevor Manuel, the country's former finance minister. With neither one ready to back down, Old Mutual's share price has suffered, falling more than 11% since the CEO was first suspended, compared with a 4% decline in the five-member FTSE/JSE Africa Life Assurance Index.

Judge Brian Mashile in his ruling on Friday said that "the relationship between the parties is unwholesome” and that the "nature of that relationship would potentially have a serious, immediate, ongoing and irreparable damage” on Old Mutual, according to the statement.

Old Mutual Peter Moyo South Africa

Source: Bloomberg

Comments

Latest News

Ryan Bukevicz helps the Hope Bilingual Academy in Nicaragua during des...

by Staff Reporter | 17 September 2019 | 61 Views

Arrested 'Zimbabwean' millionaire swaps jail for a swanky Maserati in SA

by Staff reporter | 17 September 2019 | 8661 Views

Bosso settle for British coach - AILING Bulawayo giants Highlanders wi...

by Staff reporter | 17 September 2019 | 1063 Views

'Dr Magombeyi's 'abduction' the work of a third force' - GOVERNMENT on...

by Staff reporter | 17 September 2019 | 890 Views

Teacher takes home $24 after maintenance deductions - A well-known tea...

by Staff reporter | 17 September 2019 | 1260 Views

507 Nigerians leave South Africa

by Mandla Ndlovu | 17 September 2019 | 1603 Views

Arsenal fumbles a 2-point lead to a draw against Watford

by Staff Writer | 17 September 2019 | 306 Views

Competition and Tariff Commission under fire

by Nicholas Ncube | 17 September 2019 | 793 Views

Kings and Mambos must be careful

by Presia Ngulube | 17 September 2019 | 1531 Views

Govt pisses on the graves over Mugabe

by Zororo Shumba | 17 September 2019 | 3290 Views

Jonathan Moyo reveals Zimbabwe's abduction team

by Mandla Ndlovu | 17 September 2019 | 10043 Views

Abductions choreographed ahead of Mnangagwa's UNGA meeting - Deputy Ch...

by Staff reporter | 17 September 2019 | 1818 Views

Chamisa linked councillors snub Bulawayo budget meeting over Kambarami...

by Staff reporter | 17 September 2019 | 1412 Views

Fresh calls for price controls - INDUSTRIALISTS and economists have sa...

by Staff reporter | 17 September 2019 | 1360 Views

Witchcraft accusations land woman in court

by Staff reporter | 17 September 2019 | 804 Views

Suicide cases rise - The African Institute for Ending Bullying Depress...

by Staff reporter | 17 September 2019 | 413 Views

Gweru sued over shoot-to-kill policy on stray dogs - THE Gweru City Co...

by Staff reporter | 17 September 2019 | 265 Views

Police shoot car's wheels to stop smuggler - BEITBRIDGE police on Satu...

by Staff reporter | 17 September 2019 | 1436 Views

Tendai Biti led team queries 'rogue' RBZ payments - Parliament yesterd...

by Staff reporter | 17 September 2019 | 776 Views

'Teachers' unions pursuing political agenda' - Teachers' unions that a...

by Staff reporter | 17 September 2019 | 346 Views

Doctors paralyse Zimbabwe hospitals - ZIMBABWE's public health deliver...

by Staff reporter | 17 September 2019 | 853 Views

ZANU PF scores own goal - Yet another own goal scored by Ruling ZANU P...

by ZHRO Team | 17 September 2019 | 1617 Views

BREAKING: ZBC CEO granted bail

by Mandla Ndlovu | 17 September 2019 | 976 Views

Sibusiso Moyo's statement on the abduction of Dr Peter Magombeyi

by Mandla Ndlovu | 17 September 2019 | 2806 Views

Harare house burns with US$200 000 inside

by Mandla Ndlovu | 17 September 2019 | 3826 Views

Mnangagwa panics over Paul Siwela TV interview - According to informat...

by Israel Dube | 17 September 2019 | 3578 Views

Mnangagwa's ex-aide denied bail again - A HARARE magistrate yesterday ...

by Staff reporter | 17 September 2019 | 601 Views

Mnangagwa, Mugabe T-shirts divide mourners - ZANU-PF factional fights ...

by Staff reporter | 17 September 2019 | 1892 Views

Tagwirei, Wadyajena square off in US$3,6m dispute - The High Court wil...

by Staff reporter | 17 September 2019 | 1598 Views

Entertainment

Hip-hop top 10 spansers

by Staff Writer | 12 September 2019 | 943 Views

Victoria Falls cancels Babes Wodumo gig over xenophobia

by Mandla Ndlovu | 12 September 2019 | 1584 Views

Harare Wellness Festival a huge success

by Mandla Ndlovu | 09 September 2019 | 647 Views

BREAKING: Dr Malinga cancels Skyz Metro FM gig over xenophobia

by Mandla Ndlovu | 05 September 2019 | 1882 Views

Mlindo the Vocalist fears xenophobic attacks in Zimbabwe

by Mandla Ndlovu | 04 September 2019 | 7906 Views

Green dupes Bindura fans - AFRO FUSION musician Carlos Green aka "vaku...

by Simbarashe Sithole | 01 September 2019 | 825 Views

Top 5 PS2 ISOS to play with friends you can get right now

by Staff Writer | 21 August 2019 | 404 Views

Rebecca Malope retires

by Mandla Ndlovu | 20 August 2019 | 6620 Views