Old Mutual files court papers in response to Moyo

Old Mutual files papers in response to action taken by axed CEO Peter Moyo. #DStv403

JOHANNESBURG - Old Mutual filed papers on Tuesday in response to action taken by axed CEO Peter Moyo.

The insurance company will respond to the contempt of court application.

READ: Moyo seeking millions in damages from Old Mutual

The move comes as investors count the cost of the damage caused by the continued public spat between the parties.

Old Mutual axed Moyo twice in June and August, saying that it had become clear that a continued employment relationship was untenable.

READ: Peter Moyo back in court against Old Mutual

The insurer is citing a breakdown in confidence for its termination of Moyo's contract and relates to a dividend payout due to Old Mutual.

Moyo last week sued Old Mutual and its directors for R250-million after the group refused to let him resume his duties, despite a court ruling that he should be reinstated.

Source
eNCA