Old Mutual board chair Trevor Manuel says the board is determined to have Judge Brian Mashile’s ruling, which ordered the reinstatement of axed CEO Peter Moyo and prevented the insurer from replacing him, overturned because “it is bad in law”.
“I think that, unanimously, the board would be of the view that that judgement is so bad for the company and company law that we have an interest in ensuring it is overturned on appeal,” said Manuel during a media briefing on Friday. “We didn’t want to go to court. We were taken to court and now we must defend the interests we are required to represent,” he said.
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