Peter Moyo challenges Old Mutual to “prove” a breakdown in trust

On Tuesday, Peter Moyo replied with an affidavit, to Old Mutual’s contempt of court application filed at the South Gauteng High Court, and elaborated that the insurer cannot claim a breakdown in trust and confidence.

Peter Moyo: “It must prove a breakdown in trust and confidence”

According to the Cape Times, Moyo denied that there is “destruction” of trust between himself and Old Mutual, and further indicated in court documents that the company should “prove” the breakdown of trust.

“It must prove a breakdown in trust and confidence. More importantly, a court of law has decided that the alleged breakdown is not complete or irretrievable. That decision whether it is correct or not stands as we speak.”

Peter Moyo

Moyo has sued Old Mutual for R250 million or his reinstatement

Peter has sued the insurer for R250 million or his job back, as the directors are in contempt of court after refusing to let him resume his role as the CEO, despite the South Gauteng High Court ruling that he should be reinstated.

“If Old Mutual is unable to establish facts, which would objectively entitle it to conclude that there has been a breakdown in trust and confidence, it is illegal and unlawful to simply terminate my employment relationship,” said Moyo.

Peter Moyo

In recent weeks, Moyo has explained that the current debacle with the insurer has ruined his reputation, and chances of finding employment in corporate South Africa are slim to none. Old Mutual has confirmed that Moyo hit them with summons seeking damages and they promised to safeguard “any claim vigorously”.

The insurer stands flat-footed against Moyo’s claims

The insurer stated that Moyo’s dismissal was correct and that the amount they are being sued for is in addition to R36 million Moyo received for his employment, and the R4 million he gained serving a six months notice period. As Moyo is suing Old Mutual, the sole aim is to get reinstated and serve full time in his position as CEO:

“If they don’t give me my job back, I am entitled to claim in accordance with my contract.”

Peter Moyo

Moyo arrived for a third time to take office at Old Mutual

The company is divided as some shareholders have requested Old Mutual to sort out their “differences” with Moyo, while others are prompting the insurer to pursue the battle. Moyo recently went to Old Mutual to for a third time, and he was blocked from entering and resuming his duties.