Old Mutual’s bid to stop Moyo’s return is a ‘predetermined strategy’, Mpofu says

The showdown between Old Mutual and its CEO, Peter Moyo, continued on Friday only because of the stubbornness of the JSE-listed financial services company’s directors, advocate Dali Mpofu told the Johannesburg high court.

Advocate Tembeka Ngcukaitobi, who also represented Moyo, argued an appeal would not succeed as Old Mutual plainly denied Moyo his contractual right to a pre-dismissal hearing. Freund said an interim interdict could be appealed if it was in the interest of justice, especially if irreparable harm would occur. He argued that, for Old Mutual, that would occur given the fundamental breakdown in the relationship between the board and the CEO, and the parties could not run the company in the best interest of the shareholders.

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