Old Mutual shareholders could have done without costly spat

Business

Old Mutual shareholders could have done without costly spat

Now the insurer must get on with appointing a new CEO who won’t have all manner of side-interests

Ann Crotty

The past eight months has demonstrated that when it comes to court action there’s little can be said with certainty. No doubt that is why lawyers are so rich and courts so busy. Certainly few people would have expected the acrimonious battle between Old Mutual and its former CEO Peter Moyo to drag out for as long as it has. On the face of it the case seemed straight forward enough.

Finally, eight long months after Moyo headed to the high court to settle a labour dispute, a full bench of the Johannesburg High Court has ruled in Old Mutual’s favour.

There are three significant aspects to the ruling – it was issued during the court’s recess, which extends to January 27, none of the three judges dissented, and costs were awarded against Moyo. This seems to highlight the perceived urgency of the matter and the likelihood that the judges will not grant Moyo leave to appeal. Without that leave to appeal, if Moyo wants to continue the battle he will have to petition the Supreme Court of Appeal...

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