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Peter Moyo Case: Old Mutual Directors To Defend Themselves In Court

moyo - Peter Moyo Case: Old Mutual Directors To Defend Themselves In Court

JOHANNESBURG – The High Court in Johannesburg has heard that Old Mutual directors may have to individually defend themselves in court, where axed CEO Peter Moyo wants the company to be found in contempt.

Moyo returned to court on Monday after the insurer failed to allow him back at work, despite being ordered twice that he be reinstated.

He cited non-executive directors among the respondents and the court has given all respondents an opportunity to submit answering affidavits in the case.

It’s another victory for Moyo, even though neither the contempt of court application nor the main case is anywhere near completion.

Non-executive directors will have to file replying papers to this contempt application. Moyo’s lawyer Eric Mabuza said: “The judge has now joined directors as part of the proceedings. He joined them because he cannot imprison a company.”

The court has set a timeline of 30 days for the parties to file papers and to hear the contempt application on an urgent basis

When that is over, Moyo still wants the board members to be declared delinquent.

EWN

The post Peter Moyo Case: Old Mutual Directors To Defend Themselves In Court appeared first on iAfrica.com.

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