Mr Peter Moyo, Chief Executive of Old Mutual Limited, was first suspended (on 23 May 2019) and then dismissed (on 17 June 2019) by the board of directors of Old Mutual Limited. The reason advanced by the chairman, Mr Trevor Manuel, was that the board had lost confidence in Mr Moyo owing to conflict of interest on Mr Moyo’s part.
Mr Moyo in turn alleged that the reason for his dismissal was that he had raised issues of a triple conflict of interest on Mr Manuel’s part involving a multi-billion Rand commercial project in which he was director of all 3 companies involved, chairing 2 of the 3, and payment by Old Mutual of Mr Manuel’s legal fees in his personal litigation.
So, Mr Moyo approached the Johannesburg High Court in two parts, Part A and Part B. The first part sought relief in the following terms:
- an order that the application is urgent
- an order “temporarily reinstating” Mr Moyo as Chief Executive until Part B has been decided
- an order stopping the Old Mutual board from taking any steps to appoint a replacement for Mr Moyo until Part B has been decided
- costs in the event of opposition
Mr Moyo had also sought an order declaring that his suspension and dismissal were prima facie unconstitutional and unlawful. But, according to the judgment, he did not persist in these orders under Part A and so the court did not decide that issue.
In Part B, and within 60 days of this judgment, Mr Moyo was to seek relief in the following terms:
- permanent reinstatement as Chief Executive of Old Mutual
- in the alternative, contractual damages for breach of employment contract
- in the further alternative, delictual damages for impairment of his dignity and breach of the Protected Disclosures Act
- an order declaring the Old Mutual trustees to be delinquent directors
- costs in the event of opposition
The high court granted all of Mr Moyo’s prayers in Part A, except those in which he did not persist.
The Court also specifically (in paragraph 64 of the judgment) rejected Old Mutual’s contention that the reinstatement sought had final effect.
Old Mutual and its board of directors have indicated that they will take the decision of appeal.
Read Full Judgment Moyo v Old Mutual et al High Court Judgment in Interim Relief
Related documents
Moyo Heads of Argument in High Court – Interim Relief
Old Mutual Heads of Argument in High Court – Interim Relief
Old Mutual Supplementary Heads
Moyo Application and Annexures
