Old Mutual: We will oppose Peter Moyo reinstatement application

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Former Old Mutual CEO Peter Moyo.
(Photo by Gallo Images / Sunday Times / Moeletsi Mabe)
Former Old Mutual CEO Peter Moyo. (Photo by Gallo Images / Sunday Times / Moeletsi Mabe)

Old Mutual confirmed on Monday afternoon that it would oppose its former CEO Peter Moyo's urgent application in the South Gauteng High Court seeking, among other things, to be reinstated to his position, as well as an interdict stopping the firm from filling his position.

According to Tabby Tsengiwe, chief communications officer of Old Mutual, the firm will use the court process to respond to Moyo's claims.

Fin24 reported earlier that Moyo was unexpectedly suspended from his position on May 23. The company said it was due to a breakdown in trust and confidence.

In his notice, Moyo wants his suspension to be declared "unlawful, unconstitutional and null and void", and he also claims contractual damages against Old Mutual.

He further states that friction between himself and the company started in March 2018, when he raised concern about what he perceived as "triple conflict" on the part of board chair Trevor Manuel during the process of the company's Managed Separation.

Manuel is listed as one of the respondents in the matter.

* Fin24 will report in detail on Old Mutual's replying papers once they become available.

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