Latest Old Mutual move 'beyond ridiculous, textbook case of contempt of court'

Old Mutual has fired its CEO Peter Moyo again, despite an awaiting ruling by the High Court on its leave to appeal the judgment that said his dismissal was unlawful.

He was fired for what Old Mutual had said was a conflict of interest regarding his company NNMT Capital.

Moyo's lawyer, Eric Mabuza expresses his unhappiness to Clement Manyathela on the Xolani Gwala Show.

The only way I can describe this move is beyond ridiculous and corporate madness, a textbook case of contempt of court.

Eric Mabuza, lawyer representing Peter Moyo

He says the move shows a complete lack of respect for the justice system.

It goes beyond anything that I have seen in my life. It just disrespects the court processes and everything we cherish in this country - the rule of law. Clearly somebody must intervene to save Old Mutual from itself and its directors.

Eric Mabuza, lawyer representing Peter Moyo

It is just wrong.

Eric Mabuza, lawyer representing Peter Moyo

Mabuza says the dismissal will only make things worse for the insurer.

You will remember that yesterday the Business Day reported that since the suspension of Mr Moyo the share price has lost almost R 17 billion. Certainly, this new termination is just going to make the situation worse.

Eric Mabuza, lawyer representing Peter Moyo

He says a consultation has been scheduled for Thursday to map out the way forward.

He is not imposing himself there. The court says he must go back to work. The court reinstated him.

Eric Mabuza, lawyer representing Peter Moyo

Click on the link below to hear the full conversation...


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