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Moyo refused entry to Old Mutual - yet again

Sep 25 2019 08:56
Axed Old Mutual CEO Peter Moyo during judgement in

Axed Old Mutual CEO Peter Moyo during judgement in his case against the company in the South Gauteng High Court in Johannesburg. (Gallo Images/Business Day/Freddy Mavunda)

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Peter Moyo returned to Old Mutual's offices in Sandton, demanding that he be allowed back at work. But for the third time, he was refused entry. 

After a court ruling that he had to be reinstated on a temporary basis after his first dismissal in July, Old Mutual fired Moyo again in August.

He tried to go back to work twice in recent weeks, but was not allowed in, with the company contending that Moyo didn't challenge his second dismissal in court.

But on Monday, the South Gauteng High Court granted him leave to bring new evidence in his contempt of court application against Old Mutual. This means he can introduce his second letter of termination. Moyo believes Old Mutual is in contempt of court for not allowing him back at work.

Bloomberg reported that Moyo wants to file an application to have Old Mutual’s directors declared delinquent and for his permanent reinstatement by the end of this week.

Last week, Old Mutual director Nombulelo Pinky Moholi resigned from the board. 

Old Mutual dismissed Moyo over an alleged conflict of interest: Moyo reportedly received dividends from a company he co-founded, NMT Capital, before Old Mutual. Old Mutual, who holds preference shares in NMT Capital, was supposed to be paid first.



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