Despite a High Court in Johannesburg ruling that Old Mutual did not have to reinstate Peter Moyo, the sacked CEO has instructed his lawyers to appeal.
Moyo's lawyer Eric Mabuza said that he would soon be communicating their decision to appeal with Old Mutual.
"I see that there has been some misreporting that Old Mutual can now go ahead and appoint a new CEO. That's not the case. Once we inform them of our appeal, they're not entitled to do that. The old judgment continues to be enforced and the new judgment is suspended."
I see that there has been some misreporting that Old Mutual can now go ahead and appoint a new CEO. That's not the case"
However, Old Mutual said that after the court ruling, the board was free to continue with its search for a new CEO. "The ruling sets aside the interim order and the board is now free to search for a permanent CEO," the firm said.
Last year, Moyo was suspended - and then fired by the insurer - over what it said was a conflict of interest involving his company NMT Capital. Old Mutual has accused Moyo of unlawfully pocketing millions in NMT dividends.
Old Mutual, which has a 20% stake in NMT, claimed in court papers that the ordinary dividends were declared and paid to Moyo without sufficiently providing for and servicing Old Mutual's preference shares as required, which Moyo disputes.