Old Mutual back in court to appeal against Peter Moyo ruling

The six-month long saga between Old Mutual and axed CEO Peter Moyo continues in the high court in Johannesburg on Wednesday, with the insurer seeking to overturn a July court ruling ordering his reinstatement.

This is one of a series of court battles between Old Mutual and Moyo, with the highly public spat seen as partially responsible for an almost 16% decline in the companys share price since Moyo was fired on June 18.

In July, judge Brian Mashile set aside the dismissal and temporarily reinstated Moyo as CEO. The company then issued a second termination notice in August.

Moyo was fired by the insurer over an alleged conflict of interest after NMT Capital, a private equity company he co-founded, paid ordinary dividends while it owed Old Mutual preferential capital and had not paid preferential dividends to the insurer on time.

The high court in Johannesburg has issued two orders for his reinstatement, but Old Mutual maintains that his second axing was valid.