Axed Old Mutual CEO Peter Moyo has filed a petition to the Supreme Court of Appeal against the recent full bench decision that set aside his temporary reinstatement order as chief executive and dismissed his application to get his job back.
Eric Mabuza, who serves as Moyo's lawyer, told Reuters that they have appealed the decision that overturned the ex-CEO's reinstatement. Moyo and his lawyer have also confirmed that even if they lose the appeal, they will still be able to drag out the case to seek either permanent reinstatement or damages.
Last month, the South Gauteng High Court upheld Old Mutual's appeal against temporarily reinstating Moyo, with costs.
Although it is not Old Mutual’s preference that this legal case should continue to be drawn out, we are quite confident that all steps taken by Old Mutual were both legally valid and necessary"
Old Mutual spokesperson confirmed that the insurer had received a petition filed by Moyo, and that the insurer would oppose it."Old Mutual will be opposing the petition and is in the process of preparing its answering papers," the spokesperson said.
"Although it is not Old Mutual's preference that this legal case should continue to be drawn out, we are quite confident that all steps taken by Old Mutual were both legally valid and necessary, and we remain resolute in our duty to protect and continue to act in the interests of all Old Mutual's stakeholders," the spokesperson added.
This development is the latest in an intense legal back-and-forth between the insurance company and the former chief executive which began last year.Moyo was suspended in May and dismissed shortly afterwards by Old Mutual in a dispute over an alleged conflict of interest.Old Mutual said Moyo had declared dividends of R30.6 million from his NMT group of companies, from which he stood to benefit despite being contractually obliged to prioritise Old Mutual's interests over his interests.