Old Mutual CEO, Peter Moyo, returned to work on Monday morning, only to find that he was not allowed into the building.

It was meant to be his first day back after he was reinstated by the South Gauteng High Court on Friday. This after the insurance giant fired Moyo for a second time last month.

The South Gauteng high court had ruled in his favour, yet again, reinstating him as old mutual CEO.

Moyo says the insurers Head of Security informed him that he was not allowed into the building.

The now reinstated CEO was suspended in June and later fired over an alleged conflict of interest regarding his company NMT Capital, in which Old Mutual also owns shares.

Old Mutual says the break down in relationship is a result of NMT’s failure to timeously pay out the preferred dividend.

Moyo was fired again last month following a ruling which declared his initial axing unlawful and which ordered Old Mutual to reinstate him on a temporary basis.

This was until the his lawyers had launched part B of his application, which was to have entire Old Mutual Board declared delinquent.

Moyo’s Attorney, Eric Mabuza, says they will  be going ahead with part B.

Mabuza has reiterated that Old Mutual is in contempt of court.

 

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