Although axed Old Mutual CEO Peter Moyo has won another round of his protracted legal battle against South Africa’s second-largest life insurer, another dispute is looming on whether he can return to his office and desk.
However, Old Mutual argued that Moyo couldn’t resume his duties because it was appealing against the judgment, which immediately suspended its implementation. In other words, Old Mutual believed it didn’t have to comply with the judgment because it was appealing against it. The insurer asked the same high court for a declaratory order that prevented Moyo from returning to work until the conclusion of the appeal process.
The stark interpretations of Mashile’s decision are set to intensify the punch-up between Old Mutual and Moyo on Monday 9 September. The battle has already worried shareholders as Old Mutual’s share price is down 16% since Moyo was fired on 18 June, wiping off more than R15-billion from the 173-year-old insurer’s market capitalisation.
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