Ex-CEO Peter Moyo loses last-ditch bid
In R250m case against Old Mutual
Moyo had initially succeeded in his legal application for temporary reinstatement in mid-2019.
The Constitutional Court has refused former Old Mutual CEO Peter Moyo's application for leave to appeal a ruling against his R250 million damages claim against his former employer.Moyo has filed various lawsuits against Old Mutual after he was fired in mid-2019. In November last year, the Supreme Court of Appeal (SCA) denied Moyo leave to appeal a ruling by the South Gauteng High Court, which dismissed Moyo's bid to sue the insurer for R250 million in contractual damages. Moyo approached the Constitutional Court in February this year.
The Constitutional Court found that the "application for leave to appeal does not engage its jurisdiction."
"Consequently, leave to appeal must be refused." The apex court dismissed the case with costs.
Moyo had initially succeeded in his legal application for temporary reinstatement in mid-2019. However, Old Mutual managed to have that overturned on appeal. Moyo subsequently challenged that at the SCA but was unsuccessful. He then brought several other cases, namely an attempt to secure his reinstatement, as well as R250 million in damages, another to have the directors, including chair Trevor Manuel, be declared delinquent, and one to have the directors be declared in contempt of court.
He later consolidated his cases against the directors into a single case, which was heard by a full bench of the high court in November 2021.That matter was dismissed in May 2022. He never applied for leave to appeal that decision.
In the other matter, he later abandoned his bid for reinstatement, instead only pursuing the R250 million. When that case was dismissed, he applied for an application for leave to appeal to the South Gauteng High Court in Johannesburg. That was also unsuccessful, prompting his bid to SCA.
Old Mutual said in statement that the battle with Moyo had been a "long journey", but it had "stood by its principles throughout and always knew we had acted completely within the ambit of the law and in the best interests of our company and its stakeholders".
"The board’s firm and persistent commitment to its fiduciary duties to the company has been vindicated. We are extremely pleased it is finally over and that justice has prevailed in such a resounding fashion," said spokesperson Tabby Tsengiwe. –Fin24