Moyo to launch appeal bid against Old Mutual

Former Old Mutual CEO Peter Moyo is not backing down in his fight against the insurance giant. Moyo's attorney, Eric Mabuza, has announced plans to file an urgent court bid to appeal the recent judgment that upheld Old Mutual's decision to fire him. This move comes just hours after Old Mutual successfully appealed against Moyo's temporary reinstatement last year. The legal saga between Moyo and Old Mutual has been ongoing for months, with both parties standing firm on their positions. CNBC Africa's Fifi Peters spoke with Mabuza and Old Mutual spokesperson Tabby Tsengiwe to get their perspectives on the matter. Mabuza expressed confidence in their grounds for appeal, highlighting issues with the interpretation of specific sections of Moyo's contract. He emphasized that the recent judgment does not alter the status quo and reiterated that Moyo's reinstatement order from July still stands pending the outcome of the appeal. On the other hand, Tsengiwe maintained Old Mutual's position that they are entitled to pursue the appointment of a permanent CEO and that Moyo is not required to return to work based on the existing legal notice regarding his employment. Despite the legal standoff, Old Mutual expressed openness to a mutually beneficial settlement to resolve the matter. Mabuza countered Tsengiwe's statements, asserting that the final decision rests with the court of law, and the appeal process suspends the recent judgment until a final ruling is made. The conflicting positions of both parties indicate that the legal battle is far from over, with potential implications for the leadership transition at Old Mutual.