Old Mutual says it has issued another termination of employment notice to its axed CEO, Peter Moyo.
In July, the High Court in Johannesburg ruled that Moyo should be reinstated with immediate effect – after firing him without a disciplinary hearing.
Moyo was sacked in May over an alleged conflict of interest involving investment company, NMT Capital.
Moyo’s lawyer, Eric Mabuza, says terminating his client’s employment is not in the best interests of the firm’s shareholders.
“This is beyond ridiculous. It is corporate madness and is a textbook case of contempt of court. What Old Mutual is doing is worse than contempt. Someone must intervene to save Old Mutual from itself, its directors and self-destruction. You cannot have a blue-chip company acting in this manner where it could destroy the shareholder value.”
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