Peter Moyo is suing Old Mutual for R250 million or a permanent reinstatement to his position as Chief Executive Officer; Moyo further explains that the current debacle has ruined his reputation and chances of finding employment in corporate South Africa are very slim.
Peter Moyo: “I am entitled to claim in accordance with my contract”
According to Bloomberg, Old Mutual Ltd has stated that Moyo hit them with summons seeking damages and they will safeguard “any claim vigorously”.
Furthermore, the insurer stated that Moyo’s dismissal was correct and that the amount they are being sued for is in addition to R36 million Moyo received for his employment, and the R4 million he gained serving a six months notice period.
The company fired its boss for a second time in August
Old Mutual effectively fired Moyo for the second time in August and tried to overturn a court ruling. However, the boss was initially fired in June from being suspended in May, as Old Mutual stated they can’t trust him and confidence has broken down subsequently from how Moyo managed a conflict of interest, which involved his investments in the NMT group of companies.
As Moyo is suing Old Mutual, the sole aim is to get reinstated and serve full time in his ex-position as CEO:
“If they don’t give me my job back, I am entitled to claim in accordance with my contract,”
In recent attempts to get his job back, Moyo has been to the Old Mutual building and denied access for the third time on 25 September.
Moyo’s camp states they are giving Old Mutual a chance to “correct its ways”
Moyo’s legal team noted they are being lenient and giving Old Mutual an opportunity to remedy the situation and promised to be back at the offices, but with the back-up of a sheriff the next time they come, to enforce the court order which states Moyo must be reinstated temporarily.
‘We came to give Old Mutual an opportunity to mitigate the contempt of court if you remember this is the third time we are coming here, it’s to give Old Mutual an opportunity to correct its ways. Once again we are met with the same attitude, that we are not allowed to be here, but we are very patient with this thing because, in a month’s time, the issue will be resolved once and for all.”
Peter Moyo’s legal team