JOHANNESBURG (southafricnews) – Former Old Mutual boss Peter Moyo has appealed against a court decision which overturned his temporary reinstatement as chief executive, in a move that will drag out a damaging court battle with the South African insurance group.
Moyo was suspended in May and dismissed shortly afterwards by Old Mutual in a dispute over an alleged conflict of interest.
Although he was subsequently temporarily reinstated by a judge, that decision was itself overturned this month following an appeal by Old Mutual.
Moyo and his legal team have now appealed that ruling.
“We have filed it,” Eric Mabuza, Moyo’s lawyer, said by telephone, adding that this was done on Wednesday.
Old Mutual said in a statement it would oppose the petition.
The court’s decision to overturn Moyo’s temporary reinstatement was a much-needed win for Old Mutual after a series of embarrassing blows. It also removed a block on the insurer from looking for a new CEO.
Even if Moyo loses his appeal, he and his lawyer have said they would still be able to pursue a longer case against his dismissal that would seek permanent reinstatement or damages.
Reporting by Emma Rumney; Editing by Alexander Smith