Old Mutual sacks Peter Moyo once again, says they will stand ground

Old Mutual sacks Peter Moyo once again, says they will stand ground

- Old Mutual has issued Peter Moyo with a notice of termination

- This is the second time this year that the insurer has fired Moyo

- Moyo's lawyers have said they will fight the decision

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Old Mutual has once again fired CEO Peter Moyo.

The company says that it has issued Moyo with a notice terminating his employment.

Moyo was previously fired in June, but was reinstated in July by order of the High Court as he was dismissed without a disciplinary hearing.

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Old Mutual has since taken the court's decision on appeal, Briefly.co.za has gathered. 

The decision to terminate Moyo's employment follows growing pressure on Old Mutual by stakeholders.

Moyo was axed earlier this year on charges of conflicts of interest, according to Business Live

Specifically, he was accused of having received a R30 million payment from a company called NMT Capital. Old Mutual maintains that the payments should have been made to Old Mutual first.

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However, representatives for Moyo say they will challenging Old Mutual's decision. Moyo's lawyer, Eric Mabuza, said that Old Mutual's decision to fire Moyo amounted to "contempt of court", fin24 has reported.

"This is corporate madness," Mabuza said. "It is worse than delinquency."

Old Mutual has said that they are prepared for Moyo to oppose their move.

"We will stand our ground if he does," the insurer said in a public statement.

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Source: Briefly.co.za

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