Old Mutual which earlier held a press conference with its Chairman Trevor Manuel and several board members on the ongoing Peter Moyo court case has approached Moyo’s attorneys, Mabuza Attorneys stating it intention to halt further court proceedings relating to Moyo’s second letter of termination.

WATCH: Old Mutual Chair Trevor Manuel opens up on Peter Moyo saga

In an emailed statement to CNBC Africa, clarifying the letter, Old Mutual said that it “has certainly not ‘backed down’ from its ongoing appeal process against an earlier judgement handed down in the High Court in the matter.”

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Adding “it has not in the letter, nor in any other way, said it is not pursuing its appeal against the judgement handed down by Judge Mashile on July 30. Old Mutual was granted leave to appeal by the High Court a week ago and is indeed in the process of filing the requisite papers relating to that appeal”.

READ: How Old Mutual could have avoided a costly legal battle with Peter Moyo

In the letter sent to Mabuza Attorneys by Old Mutual’s lawyers Bowmans, it says:

“Our client [Old Mutual] has since reconsidered its stance. It has now decided that it would be more appropriate to attempt to de-escalate the litigation between the parties, and it would prefer not to have to engage in further collateral litigation. Our client considers that both parties should seek to avoid further proceedings that would not serve to resolve the central issues that exist between them, which concern whether or not your client’s employment has been validly terminated, either by the first or the second notice.”

It further states that it is aware that Moyo wants to offer his services but it is not necessary for him to do so at the workplace:

“Insofar as your client [Moyo] has stated that he considers himself obliged to tender his services, our client acknowledges that he has tendered his services and that he continues to do so. He is not required to be present at the workplace to do so. 7.

Our client urges your client to accept that, in the prevailing circumstances and while awaiting the judgment of Mashile J, the interests of the company are not served by him attending at the workplace, with or without a press entourage, which may cause uncertainty and generate adverse publicity for our client.

Old Mutual and Moyo have been at loggerheads since May after South Africa’s second largest insurer suspended him as CEO and later fired him due to a material breakdown in their relationship relating to how Moyo managed his conflict of interest with NMT Capital, a company in which he was a shareholder.

Moyo alleges he was fired for raising a triple conflict of interest in relation to Manuel .