South Africa: Old Mutual Former CEO Litigation Update

29 October 2019
Old Mutual South Africa (Johannesburg)
press release

The Board of Old Mutual has been informed that the Deputy Judge President of the South Gauteng High Court has set an accelerated timetable for the appeal against the high court judgement which temporarily reinstated Peter Moyo as CEO.  The appeal will be heard on 4 December 2019.

We welcome the decision to expedite the appeal hearing. Though keen to put the matter behind the company, the dispute with the former CEO threatens to upend corporate governance and general principles of company law if left unchallenged. Even as the Board seeks a speedy resolution consistent with their duties, the directors also have a duty and obligation to defend through the courts the legitimacy of the Board and its actions in the best interests of Old Mutual.

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