Sun, 15 Sep 2019

The Gauteng High Court in Johannesburg will on Friday hear round two of the legal battle between on-and-off again Old Mutual CEO Peter Moyo and the company.

This time about whether Moyo can in fact be reinstated with immediate effect despite a pending appeals process.

Everything you need to know about Old Mutual vs. Moyo ahead of the judgment

Moyo and the country's second largest insurer have different interpretations of the initial court ruling and have turned once again to the courts as the fight becomes increasingly acrimonious.

Here are 5 reasons why neither side is backing down, despite concerns about the impact of the uncertainty on investors.

Moyo not backing down, wants Old Mutual directors declared in contempt of court

He maintains that the directors should show within 30 days why they should not be jailed for six months or a period in the court's discretion, for not upholding a court ruling, according to his legal documents.

Ex-Old Mutual CEO vs Trevor Manuel: Explosive court papers reveal how 'all hell broke loose'

This refers to the advisory role Rothschild & Co in SA played in Old Mutual plc delisting from the London Stock Exchange and moving its primary listing on the JSE as Old Mutual Ltd in June 2018. Manuel chaired both Rothschild and Old Mutual.

5 things you need to know about the Moyo judgment and how Old Mutual was 'disingenuous'

Mabuza further proposed that Moyo be re-instated as per the court order and take special leave until the outcome of the second part or Part B of his application, with full benefits except for his physical presence at the office. However, in a letter from Bowmans to Mabuza on August 6, they state that Moyo was paid half a year's salary as part of his dismissal conditions in June, and they cannot be expected to agree to his reinstatement while he litigates against the directors.

Old Mutual: Ex-CEO Moyo is using diversion tactics, targeting Manuel

The company's affidavit expresses concern about the impact the ongoing feud is having on the financial listed company with 30 000 employees, operating in 13 African countries and China.

"It is simply not an option to continue to risk the company's stability over a dispute with an individual employee. This amounts to exceptional circumstances and shows the applicants [Old Mutual] will suffer irrevocable prejudice if Mashile's orders are executed now," the company's affidavit stated.

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