Old Mutual wins appeal against Peter Moyo reinstatement
The Johannesburg High Court has upheld Old Mutual’s appeal against the temporary reinstatement of former chief executive Peter Moyo who was fired in 2019.
Nickolaus Bauer talks to Old Mutual Group Chief Communications Officer Tabby Tsengiwe.
It is the close of the matter for us. And it confirms for us that Old Mutual acted properly in terminating Mr Moypo's contract.Tabby Tsengiwe, Chief Communications Officer - Old Mutual Group
We also think this is a big win for corporate governance in South Africa as a whole.Tabby Tsengiwe, Chief Communications Officer - Old Mutual Group
Moyo has a right to appeal the ruling. EWN reports that Moyo's lawyer Eric Mabuza has said they will petition for leave to appeal from the Supreme Court of Appeal.
Tsengiwe notes the entire board made the unanimous decision to terminate Moyo's contract and not a single individual.
Moyo had targetted Old Mutual
It was Mr Moyo who took the decision to paint this as an individual attack and personalise it to be somewhat of a dispute between himself and the chairman which throughout our court papers and responses we have disputed.Tabby Tsengiwe, Chief Communications Officer - Old Mutual Group
Manuel had been criticised for comments he made against South Gauteng High Court Judge Brian Mashilelast year after a ruling regarding Moyo's temporary reinstatement last year.
The chairman did retract the comments and apologise unconditionally last year.Tabby Tsengiwe, Chief Communications Officer - Old Mutual Group
She says it has been made clear in the group's legal papers that Trevor Manuel did not misuse company funds to cover his own legal costs.
The payment had gone through all the correct governance processes within Old Mutual despite the picture Mpoyo painted, she explains.
It affected Old Mutual and it was in its interests to pay the fees of the chairman. it was not about an individual but about the chairman's role in his leadership position as the person who is responsible with oversight of the board.Tabby Tsengiwe, Chief Communications Officer - Old Mutual Group
Tuesday's ruling sets aside the interim order enabling to board to proceed with appointing a new permanent CEO.
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