{"id":715192,"date":"2023-09-01T09:11:18","date_gmt":"2023-09-01T07:11:18","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=715192"},"modified":"2023-09-01T09:27:13","modified_gmt":"2023-09-01T07:27:13","slug":"old-mutuals-4-year-legal-battle-against-its-former-ceo-finally-comes-to-an-end","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/715192\/old-mutuals-4-year-legal-battle-against-its-former-ceo-finally-comes-to-an-end\/","title":{"rendered":"Old Mutual’s 4-year legal battle against its former CEO finally comes to an end"},"content":{"rendered":"\n

Finance group Old Mutual says that it can finally put a four-year legal battle against its former chief executive officer, Peter Moyo, to rest.<\/p>\n\n\n\n

This follows a decision by the Constitutional Court to dismiss Moyo’s application to appeal against a High Court decision from 2022 which dismissed the former CEO’s claim of R250 million in damages against the company.<\/p>\n\n\n\n

The spat between the 174-year-old insurer and Moyo spilled into the open in May 2019<\/strong><\/a> when he was suspended for an alleged conflict of interest. <\/p>\n\n\n\n

According to Old Mutual, the situation arose because the former CEO “violated the terms of his employment contract” by allegedly placing his private financial interests ahead of the company. <\/p>\n\n\n

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Former Old Mutual CEO, Peter Moyo<\/figcaption><\/figure><\/div>\n\n\n

“In flagrant disregard of the provisions in his employment contract designed to manage conflicts of interest between NMT Capital (a company Moyo co-founded) and Old Mutual, Moyo chaired a meeting of the NMT Capital Board on 4 July 2018, at which it was decided to pay an ordinary dividend of R105 million. <\/p>\n\n\n\n

“Moyo and his partners thus shared R84 million, while omitting to pay preference share dividends, valued at R65.4 million at the time, due to Old Mutual,” it said.<\/p>\n\n\n\n

The group said that its board engaged Moyo for months about the matter, but it became clear that he and the Board had a difference of opinion about his transgressions and how to resolve them.<\/p>\n\n\n\n

The company fired him three weeks later – a decision Moyo successfully challenged in the High Court.<\/p>\n\n\n\n

However, the battle didn’t end there. Moyo was subsequently prevented from returning to work and was ultimately fired a second time by the group.<\/p>\n\n\n\n

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Why Old Mutual says it was within its rights to fire Moyo a second time<\/a><\/blockquote>