Old Mutual CEO Peter Moyo was once again barred from returning to work on Monday.
Moyo presented himself for work on Monday morning following a court order upholding his reinstatement as CEO that was handed down by judge Brian Mashile on Friday.
Moyo’s lawyer said his client was ushered to a boardroom and informed that the company would be filing an urgent application to seek a declaratory order effecting Moyo’s second letter of dismissal sent to him on August 24.
“We asked old Mutual to produce a document preventing Mr Moyo from returning to work. They have been unable to do so,” Moyo’s attorney Eric Mabuza said.
“We don't don't want to cause any scuffle. We will leave not because we are not entitled to be here but because it is out of respect for court processes. We will wait for them to bring another urgent application,” Mabuza said.
“If they were using their own money they would not be acting this way ... but they are using the money of the company,” he said.
No document had been forthcoming by the time Moyo left the building at 10am. He was unsure whether he would return to work on Tuesday.
Old Mutual said on Monday it had met Moyo to explain that he would not be returning to work, as its contractual rights remained intact having served him with a termination letter in August.
Old Mutual said it would be filing appropriate appeal papers over the next few days, saying that the court had noted in granting it leave to appeal that the "the current position is that the relationship between the parties was unwholesome".
"The nature of that relationship would potentially have a serious, immediate, ongoing and irreparable damage in weight on the management of [Old Mutual]'," the statement read.
Old Mutual said it remained confident its appeal would be successful.
Speaking to journalists, Moyo said he had expected to be rebuffed.
“I should not be party to helping people to be in contempt of court. We actually think it is getting to the level of being very ridiculous, we actually don't know what they are looking for,” Moyo said.
Old Mutual is appealing against Mashile's ruling of July 30, which said Moyo must be reinstated because he was fired in June without being afforded a disciplinary hearing.
The insurer fired Moyo over an alleged conflict of interest involving NMT Capital, a private equity firm Moyo co-founded.
On Friday, Mashile granted Old Mutual leave to appeal against his earlier ruling but said the insurer must reinstate Moyo pending the outcome of the appeal.
The company announced in a statement late on Friday, however, that the court's second ruling that it should reinstate Moyo would not be effected because his dismissal on August 21 stood.
It said Moyo had not challenged the contractual validity of the further notice of termination given on August 21 and would not be returning to work in the interim.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.