Old Mutual appeals ex-CEO's reinstatement

Workers clean windows outside the Cape Town headquarters of Anglo-South African financial services company Old Mutual, March 7, 2016. [Photo, Reuters]

South African Insurer Old Mutual said on Wednesday it had filed an application to appeal against the temporary reinstatement of fired CEO Peter Moyo, and reiterated that he was not permitted to return to work as a result.

Moyo did report for work at the insurer’s Johannesburg offices on Wednesday morning, resulting in a lengthy discussion between his and Old Mutual’s legal teams. Moyo’s lawyer said Old Mutual’s appeal was not sufficient to suspend the court order regarding his reinstatement.

“Old Mutual is comfortable with the position it has adopted on the impact of the application,” it said in a statement, adding that there will be no further meeting between the legal teams on Wednesday and interim CEO Iain Williamson would continue to lead the business for now.

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