Peter Moyo lost his last bid to claim R250 million damages from Old Mutual, potentially closing all doors for the former CEO to continue fighting the insurer.
The Johannesburg High Court dismissed Moyo’s application to appeal the January 2022 ruling, which dismissed his R250 million damages case.
After that January judgment, the court also dismissed Moyo’s attempt to declare Old Mutual board members delinquent and in contempt of court for blocking him from returning as a CEO in July 2019. The insure thought that was the end of its protracted legal battle with Moyo, which began three years ago. But it wasn’t.
Moyo applied to appeal the January 2020 judgment. But after hearing both sides’ arguments on Thursday, Judge Gregory Charles Wright couldn’t see another judge arriving at a different conclusion and dismissed the application with costs.
“In my view, Mr Moyo has no reasonable prospect of success on appeal, and there is no compelling reason why the appeal should be heard,” he wrote.
Old Mutual said during Thursday’s hearing that Moyo abandoned his claim for R20 million in damages for alleged violations to his dignity. But he still wanted R230 million for damages arising from the termination of his employment as the CEO of Old Mutual before the end of his contract.
The sum of R230 million included lost earnings, bonuses, share incentives and related sources of lost remuneration.
But even with the reduced claim, Old Mutual argued that Moyo’s application for leave to appeal was fatally flawed.
Source: Fin 24
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Source: Peter Moyo loses legal battle of sueing Old Mutual for R250m
Category: Business, Politics, Southern Africa, LEGAL BATTLE, PETER MOYO, South Africa
