The Gauteng High Court has ruled that the dismissal of Old Mutual CEO Peter Moyo was unlawful and he should be reinstated temporarily.
Moyo returned to the office on Wednesday despite Old Mutual confirming it would appeal the decision.
Here is what you need to know:
In May, Old Mutual suspended Moyo hours before the insurer’s annual general meeting, claiming that a conflict of interest due to his involvement with NMT Capital resulted in “a material breakdown in the relationship of trust and confidence”.
The board, then chaired by former finance minister Trevor Manuel, suspended Moyo with immediate effect.
Moyo had rejoined Old Mutual in June 2017 as CEO of Old Mutual Emerging Markets, and later of Old Mutual, having left in 2005 to take over at Alexander Forbes.