SCA cuts axed Old Mutual’s Moyo loose by dismissing his earlier appeal

JOHANNESBURG – The Supreme Court of Appeal (SCA) yesterday cut axed Old Mutual chief executive Peter Moyo loose when it dismissed his appeal of a January judgment that overturned an earlier order for his temporary reinstatement.

The judgment came days after the South Gauteng High Court dismissed Moyo’s application for an interdict prohibiting the hiring of a permanent chief executive.

In dismissing the application, the SCA said that Moyo’s intended appeal had no reasonable prospects of success and that the requirements for special leave to appeal had not been met.

In response to the decision, Old Mutual said yesterday that the court decision upheld the group’s decision to terminate Moyo’s services in June last year.

“The effect of the decision is to uphold Old Mutual’s decision to terminate Mr Moyo’s services in June last year,” said Old Mutual.