Peter Moyo has not been allowed to resume his duties as Old Mutual CEO after the company applied for leave to appeal last week’s court ruling.

The High Court in Johannesburg ruled that the axed CEO be reinstated with immediate effect.

The judgment was made after Moyo was fired in May over an alleged conflict of interest involving investment company NMT Capital.

Old Mutual spokesperson Tabby Tsengiwe says they are hoping that another court will rule differently.

“He did win the court order but then Old Mutual applied for leave to appeal. We are of the view that a different court will find in a different manner, because we believe we have supplied enough evidence to show why the Board lost confidence in Moyo and trust in him as CEO.”

“The root cause of it was based on a conflicting interest that arose on how he managed the difference of interest between NMT Capital and Old Mutual as a preference shareholder in NMT.”

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