BusinessMoyo’s hopes of claiming R250m from Old Mutual dashed...

Moyo’s hopes of claiming R250m from Old Mutual dashed again

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Former Previous Mutual CEO Peter Moyo’s hopes of claiming hundreds of thousands of rand in damages from his earlier employer got here crashing down when the Supreme Court docket of Attraction (SCA) dismissed, with prices, his software for depart to attraction an earlier ruling.

Moyo, who has tried to argue that the cessation of his employment with Previous Mutual in 2019 was illegal, was claiming contractual damages to the tune of R250 million. However an area division of the Gauteng Excessive Court docket dismissed the attraction with prices in January this yr.

Moyo’s legal professionals argued that he was entitled to damages in respect of misplaced earnings, bonuses, share incentives and associated sources of misplaced remuneration.

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Within the newest court docket judgment, handed down on 14 November, the SCA dominated there was no compelling motive the attraction ought to be heard. Court docket papers point out that Moyo lodged the appliance on 29 August.

“The applying for depart to attraction is dismissed with prices on the grounds that there isn’t any cheap prospect of success in an attraction and there’s no different compelling motive why an attraction ought to be heard,” the order reads.

The newest court docket order might sign the top of the authorized battle that has dragged on for 3 and half years. Its genesis lay within the life insurer and funding agency’s discovery of a battle of curiosity, which led to its bitter breakup with Moyo.

Dismissal

Moyo’s dismissal got here after the insurer’s mechanism to safeguard in opposition to a battle of curiosity between NMT Capital – an organization Moyo co-founded, which additionally invested in Previous Mutual – kicked in.

Moyo chaired an NMT Capital board assembly in 2018, the place a call was made to pay an peculiar dividend of R105 million. Moyo and his companions would share R84 million.

“Of this, an quantity of R21 million was paid to Mr Moyo in his private capability and an additional R7 million was paid to the corporate owned by his household belief,” court docket papers present.

The board had in the meantime elected to not pay choice share dividends valued at R65.4 million that had been as a consequence of Previous Mutual.

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The insurer has beforehand justified its stance, saying that it expects “excessive requirements of conduct and excessive ranges of belief” from a high-level government who was paid R35.5 million in 2018.

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Since his dismissal, Moyo has launched authorized circumstances in opposition to Previous Mutual a variety of instances, together with when he tried to bar the insurer from hiring a brand new everlasting CEO.

Though he was briefly reinstated, Previous Mutual barred him from coming into its workplaces in Sandton whereas it appealed. Moyo later misplaced the case in 2020.

The courts have additionally dominated in opposition to him for an absence of proof to show Previous Mutual acted unlawfully when the corporate axed him, stating that there was no transgression of Firms Act by Previous Mutual’s administrators.

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