Old Mutual files court papers in response to Moyo

JOHANNESBURG - Old Mutual filed papers on Tuesday in response to action taken by axed CEO Peter Moyo.

JOHANNESBURG, SOUTH AFRICA – AUGUST 31: Old Mutual CEO Peter Moyo during an interview on August 31, 2018 in Johannesburg, South Africa. Moyo said Old Mutual is not writing off the possibility of acquiring a banking licence in order to ‘scale’ up the company’s existing money-lending activities. (Photo by Gallo Images / Sunday Times / Moeletsi Mabe)

 

The insurance company will respond to the contempt of court application.

The move comes as investors count the cost of the damage caused by the continued public spat between the parties.

Old Mutual axed Moyo twice in June and August, saying that it had become clear that a continued employment relationship was untenable.

The insurer is citing a breakdown in confidence for its termination of Moyo’s contract and relates to a dividend payout due to Old Mutual.

Moyo last week sued Old Mutual and its directors for R250-million after the group refused to let him resume his duties, despite a court ruling that he should be reinstated.

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