Old Mutual on Wednesday said it would defend a damages claim of R250 million brought by axed CEO Peter Moyo.
Moyo’s legal counsel confirmed that the company was served with papers, which stated that he should be reinstated or Old Mutual would face a damages claim.
The High Court in Johannesburg heard the matter after Moyo was fired about four months ago.
Despite the court ordering Moyo’s temporary reinstatement, he was prevented from returning to work. The insurer argued that this was because it was appealing the matter.
Old Mutual was given another ultimatum.
Moyo’s lawyer Eric Mabuza said: “The court said Old Mutual must temporarily reinstate Moyo, if we don’t get temporary reinstatement, we want damages.”
Moyo was first suspended in May for an alleged conflict of interest and was fired a while later.
Old Mutual said it stood by its decision.
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