Old Mutual's won its appeal against reinstating its former CEO Peter Moyo

Tabby Tsengiwe, Old Mutual Chief Communications Officer, Old Mutual has won its appeal against an earlier order reinstating its former CEO Peter Moyo. The ruling was handed down by the Johannesburg High court on Tuesday morning.
Moyo was suspended by the financial serves giant in May and axed in June, with Old Mutual citing a breakdown in trust and a conflict of interest related to NMT Capital, a boutique investment firm he co-founded. Moyo then took Old Mutual to court, with Judge Brian Mashile ruling in July that he be reinstated. Mashile argued that Moyo was supposed to be afforded a hearing or arbitration since the insurer had publicly accused him of conflict of interest and gross misconduct.