JOHANNESBURG — Old Mutual said on Friday there were conflicting interpretations of the High Court ruling, which found that it’s CEO Peter Moyo should be temporarily reinstated with immediate effect.
This after the company first suspended the Zimbabwe born Moyo citing conflict of interest, which the High Court in Johannesburg ruled on Tuesday was unlawful.
Old Mutual then applied for leave to appeal to suspend the ruling. However, Moyo returned to work on Wednesday which resulted in the insurance company filing an urgent declaratory order application on Friday to block him from returning to work.
Old Mutual spokesperson Tabby Tsengiwe said there had been conflicting interpretations of Tuesday’s court ruling, saying the company was not in contempt of court.
“They [Moyo’s legal team] had a different interpretation of the impact of our leave for appeal from what we had. We sought independent legal counsel on that, and we were advised that we are acting within the confines of the law,” Tsengiwe said. — Eyewitness News