Johannesburg- The former Old Mutual CEO, Peter Moyo, has abandoned his bid to return to his top seat at Old Mutual.
He says the directors were in contempt of court when they failed to honour a previous judgment for his reinstatement which was later overturned on appeal.
According to Moyo, Judge Brian Mashile ordered his reinstatement but the Board Chairman Trevor Manuel criticised the judge’s decision to do so.
Moyo says he doesn’t see how taking civil action against Old Mutual can further deteriorate his relationship with the company as he has already been dismissed.
Moyo says the meeting which was held between himself and the Adhoc sub-committee which was appointed by the board to get his version did not constitute a formal hearing.
“They appoint what I call a sham committee that has already made a decision, and they pretend that it is a hearing … by people that have already condemned me. They were the referee, they were the accusers, and they were the prosecutors in all its stages.”
Although Moyo’s main reason to return to the court was for him to be reinstated, he has abandoned his bid to be reinstated and wants this to be over as his legal fees are piling up, however, Moyo still wants R250m in damages from the company.
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