Former Old Mutual CEO Peter Moyo’s application for leave to appeal a ruling against his R250 million damages claim has been denied by the Constitutional Court.
- Moyo has been involved in multiple lawsuits against Old Mutual since his dismissal in mid-2019. The Supreme Court of Appeal (SCA) previously denied his request to appeal a ruling by the South Gauteng High Court that dismissed his bid for R250 million in contractual damages. Moyo then turned to the Constitutional Court.
- The Constitutional Court determined that Moyo’s application fell outside its jurisdiction, leading to the refusal of leave to appeal.
- The case was dismissed by the apex court, and Moyo has been ordered to pay the costs.
- Initially, Moyo succeeded in obtaining temporary reinstatement through a legal application, but Old Mutual successfully appealed the decision. Moyo attempted to challenge the appeal at the SCA but was unsuccessful.
- Among the various cases brought by Moyo were attempts to secure reinstatement, claim R250 million in damages, declare the directors, including chair Trevor Manuel, as delinquent, and hold them in contempt of court.
- Old Mutual expressed satisfaction with the outcome, stating it had consistently acted within the law and in the best interests of the company and its stakeholders. The company sees the resolution as a validation of its commitment to fiduciary duties.