{"id":339317,"date":"2019-09-06T13:22:50","date_gmt":"2019-09-06T11:22:50","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=339317"},"modified":"2019-09-06T13:22:50","modified_gmt":"2019-09-06T11:22:50","slug":"old-mutual-loses-legal-bid-to-prevent-former-ceo-peter-moyo-from-returning-to-work","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/339317\/old-mutual-loses-legal-bid-to-prevent-former-ceo-peter-moyo-from-returning-to-work\/","title":{"rendered":"Old Mutual loses legal bid to prevent former CEO Peter Moyo from returning to work"},"content":{"rendered":"

Insurer Old Mutual has lost its legal bid to prevent former chief executive, Peter Moyo from returning to work, BusinessDay<\/a> reported.<\/p>\n

BusinessLIVE said that the Johannesburg High Court dismissed the group’s application to prevent his return until the conclusion of his\u00a0 appeal process.<\/p>\n

\u201cThe application is dismissed in its entirety and the applicant is ordered to pay costs,\u201d said Judge Brian Mashile.<\/p>\n

The same court ruled at the end of July that Old Mutual acted unlawfully when dismissing Moyo, while also blocking the business from continuing a process of finding a replacement.<\/p>\n

The court also ordered Old Mutual to pay Moyo\u2019s legal costs.<\/p>\n

The insurer had previously stated that following legal advice, \u201cMr Moyo is not permitted nor required to report for work\u201d.<\/span><\/p>\n

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.<\/p>\n

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.<\/p>\n

Moyo has denied any wrongdoing.<\/p>\n

Old Mutual on Monday (2 September) published its interim results for the six months ended June 2019, with adjusted headline earnings rising 10% to R5.2 billion.<\/p>\n

This, it said, was as a result of higher investment returns in South Africa and good profits contributed by personal finance and the rest of Africa business segments.<\/p>\n

Old Mutual interim chief executive Iain Williamson described the results as \u2018sound\u2019 in challenging market conditions.<\/p>\n

\u201cOur result from operations increased by 2% to R4.5 billion from R4.426 billion in 2018. We delivered a return on net asset value of 16.4%, marginally down from the prior year. Our group capital position remains robust with a solvency ratio of 166%, which remains well within our target range.<\/p>\n

\u201cIn addition to this, we have made good progress on balance sheet optimisation through debt raising, the completion of a R2.5 billion share buyback programme and further simplification of the Residual plc balance sheet,\u201d said Williamson.<\/p>\n

Williamson said that Old Mutual is firmly on track to deliver its cost efficiency target of R1 billion in savings by the end of 2019.<\/p>\n

The group announced an interim dividend of 45 cents per share, the same as last year and in line with its dividend policy.<\/p>\n

\n

Read: Old Mutual delivers \u2018sound\u2019 results amid Moyo legal wrangle<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Insurer Old Mutual has lost its legal bid to prevent former chief executive, Peter Moyo from returning to work, BusinessDay reported.<\/p>\n","protected":false},"author":10,"featured_media":319156,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,1110],"class_list":["post-339317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-old-mutual"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/339317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=339317"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/339317\/revisions"}],"predecessor-version":[{"id":339327,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/339317\/revisions\/339327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/319156"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=339317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=339317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=339317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}