Today's Labour News

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OldMutualTimesLIVE reports that the High Court ruled on Tuesday that Old Mutual does not have to reinstate its sacked chief executive Peter Moyo.  

The insurer 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 written judgement on Tuesday indicated that the interim order temporarily reinstating Moyo should not have been granted in the first place.  "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 noted.  Moyo said in a statement he was still studying the judgement.  His lawyer indicated he would be proceeding with a longer case against his dismissal, in which Moyo is seeking permanent reinstatement or damages.  Tuesday’s decision means Old Mutual will not be forced, for now, to work with a CEO whose reinstatement it has repeatedly said was "untenable".  A spokeswoman for Old Mutual said it was vindicated, and the board was now mandated to seek a new CEO.

  • Read the full original of the report in the above regard by Emma Rumnet at TimesLIVE

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