We are not ‘backing down’: Old Mutual

Old Mutual says it sent a legal letter to former chief executive officer (CEO) Peter Moyo’s attorneys on Thursday (13 September) to provide clarity that it will not seek further court intervention relating to Moyo’s second letter of termination.

The financial services firm warned however, that it “has certainly not ‘backed down’ from its ongoing appeal process against an earlier judgement handed down in the High Court in the matter”.

Old Mutual said it has also reserved its rights in all respects relating to the existing or any future proceedings before the court.

Moyo was suspended by the Old Mutual board on 23 May after it concluded that there had been a material breakdown in trust and confidence.

This followed prior engagements with Moyo over concerns about how a conflict of interest had been managed in relation to his investments in the NMT group of companies.

Moyo and Old Mutual have since been to court several times over his termination and its legality. Old Mutual has sacked Moyo twice already.

Old Mutual said that media reports, “appear to have misinterpreted one sentence in Old Mutual’s legal letter where it said it would be more appropriate not to engage in further collateral litigation as the intention is to de-escalate the flurry of litigation between the parties”.

“Old Mutual can categorically state it has not in the letter, nor in any other way, said it is not pursuing its appeal against the judgement handed down by Judge Mashile on July 30. Old Mutual was granted leave to appeal by the High Court a week ago and is indeed in the process of filing the requisite papers relating to that appeal,” it said.

The group said that the upcoming judgement of Judge Mashile, relating to a further urgent application by Moyo relating to his contempt counter-application, is also still on the table and expected in about a week.

“Old Mutual maintains that its second letter of termination to Mr Moyo remains valid and hence he is not permitted nor required to return to work in the interim,” it said.

Read: Watch: Old Mutual says no to Moyo returning to work, again

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We are not ‘backing down’: Old Mutual