The High Court ruled on Tuesday that Old Mutual does not have to reinstate its sacked chief executive Peter Moyo, a shift in legal fortunes for the country's No.2 insurer that pushed its shares up almost 4%.
Old Mutual has been locked in a dispute with Moyo since it suspended him in May 2019 over an alleged conflict of interest. He was fired the following month then temporarily reinstated by the courts in July in a ruling that also blocked the insurer from seeking a replacement.
"The irreparable harm which Old Mutual... its shareholders, employees and other stakeholders stand to suffer if the interim interdict is allowed to stand, requires no imagination or elucidation," it said."There is a very, very good chance that we are actually going to appeal," he said, while his lawyer added he would proceed with a longer case against his dismissal, in which Moyo is seeking permanent reinstatement or damages.
A spokeswoman for Old Mutual said it was vindicated, and the board was now mandated to seek a new CEO.
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