Johannesburg- The High Court has dismissed Peter Moyo’s case against Old Mutual.
The former CEO was demanding that he be paid R250 million for damages by the company.
Moyo was fired for allegedly pocketing dividend payments worth R30.6-million linked to an investment holding firm he co-founded called NMT Capital – in which Old Mutual had a 20% stake, which it acquired in 2005 as part of a Black Economic Empowerment deal.
Old Mutual terminated Moyo’s contract on 18 June 2019 on six months’ notice, with pay of about R4-million for the entire period.
According to Moyo, Old Mutual acted unlawfully by terminating his employment after the insurance company found that there was a breach of an agreement to manage the conflict of interest in respect of the payment of dividends from NMT Capital – a firm founded by Moyo and in which Old Mutual holds an interest
The company said he wanted R230 million for contractual damages and another R20 million for the “insults” and impairment of his dignity caused by the statements that the company and its directors made in the media.
The court found no evidence to support Moyo’s claim for loss of dignity. It found instead that, in the public spat that followed the termination of his employment, it was Mr Moyo who was ‘direct, forceful and combative.
On that basis, the court granted Old Mutual and its non-executive directors’ exoneration.
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