Peter Moyo back in court in bid to be reinstated as Old Mutual CEO

Former Old Mutual chief executive Peter Moyo appeared in the North Gauteng High Court in Johannesburg on Friday, where he will soon know his fate following a fiery court battle in which he hopes to be reinstated in the position after being allegedly unfairly dismissed.

On Friday, Advocates Dali Mpofu and Tembeka Ngcukaitobi, for Moyo, as well as Old Mutual’s lawyer Eric Mabuza presented their representations to Judge Brian Mashile to a packed courtroom. Moyo was supported by his family.Last month, Moyo was fired for alleged misconduct owing to the conflict of interest in NMT Group, the investment company he founded. He was found in breach of dividend payments of R115 million, of which the benefit to NMT Group was about R31 million.

On Friday, his legal team was adamant that the decision was an orchestrated plot by the board and its chairperson, former finance minister Trevor Manuel, as there were no disciplinary internal measures taken prior to court proceedings. “If Old Mutual didn’t have to give reasons to fire Peter Moyo under his contract, why did they?” asked Mashile in reference to the reasons Old Mutual gave for firing Moyo of “gross misconduct, conflict of interest and a breakdown of trust and confidence”.

Mpofu responded saying: “It is clear that there is a bigger agenda here because if our client really committed misconduct, why then were there no internal measures taken, like a warning letter issued to discipline him. Also, imagine what this has done to his reputation. We, therefore, want his name cleared through these proceedings.”

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