FILE PHOTO: The Cape Town headquarters of Anglo-South African financial services company Old Mutual

Old Mutual says not backing down in case against fired CEO

JOHANNESBURG (Reuters) - Old Mutual said on Friday it was not backing down in a dispute with its fired CEO, after confirming it had sent a letter to the CEO's attorneys saying it would not seek further court intervention on his second letter of termination.

Fired CEO Peter Moyo turned up for work on Monday but was again prevented from resuming his duties despite a court ruling last week that dismissed the South African insurer's attempt to block his temporary reinstatement.

Old Mutual has twice dismissed Moyo. Its letter on Thursday signalled it would not pursue court action over its second letter of termination to Moyo, while continuing action on the first.

(Reporting by Nqobile Dludla; Editing by Mark Potter)

2019-09-13 12:37:09

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