Johannesburg- Peter Moyo, Old Mutual’s former CEO is seeking both reinstatement and R250m in damages from the company.
The two parties appeared in the Gauteng high court on 17 January
The case is centred on whether Old Mutual was entitled to terminate Moyo’s contract on six months’ notice as per the terms outlined in his employment contract.
Moyo’s contract was terminated without six months’ notice.
According to Old Mutual Moyo violated his terms of employment by placing his private interests ahead of the company’s.
“Will be defended vigorously as having no merit,” said Old Mutual in a statement.
“Mr Moyo has had a string of losses in court, based on his attempt to be reinstated,” Old Mutual further said in a statement.
“Prior High Court decisions, including his appeal before a Full Bench, found Old Mutual acted lawfully in its dismissal of Mr Moyo.
“Old Mutual does not only dispute the amount Mr Moyo is claiming but indeed that any damages whatsoever are due. We will show in our defence that Mr Moyo was lawfully dismissed, was paid what was owed to him, and hence we do not believe he has a legal basis for claiming any amount whatsoever,” says Old Mutual.
Old Mutual is confident the court will again rule in its favour in another legal action brought against the company by its former CEO Peter Moyo, saying that no damages are due to him and that the new claims for reinstatement and damages will be “defended vigorously”.
The company argues that he was paid his six months’ salary.
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