Former Old Mutual CEO Peter Moyo's R250 Million Lawsuit Denied

Former Old Mutual CEO Peter Moyo’s ongoing legal battle against his former employer, in which he is seeking R250 million in damages, suffered another setback when the Constitutional Court denied his request for leave to appeal a previous ruling. Moyo’s tumultuous relationship with Old Mutual began in mid-2019 when he was fired, resulting in a series of lawsuits.

Moyo’s request for leave to appeal a South Gauteng High Court ruling dismissing his claim for R250 million in contractual damages was denied by the Supreme Court of Appeal (SCA) last November. Following that, in February of the following year, Moyo turned to the Constitutional Court in a last-ditch effort to seek redress. However, the Constitutional Court determined that Moyo’s application did not fall within its jurisdiction and denied him leave to appeal, effectively ending this chapter of the legal battle.

The Constitutional Court also ruled that Moyo must bear the costs of the case, emphasising the legal challenges he has faced in his pursuit of compensation from Old Mutual.

Moyo’s legal saga began in 2019 with his initial success in obtaining temporary reinstatement. Old Mutual, on the other hand, successfully appealed the decision, resulting in a series of legal actions initiated by Moyo. These included attempts to secure reinstatement, seek R250 million in damages, declare the company’s directors, including chair Trevor Manuel, delinquent, and hold them in contempt of court. Moyo eventually consolidated these cases into a single comprehensive matter, which was heard by a full bench of the high court in November 2021. Unfortunately for Moyo, this case was dismissed in May 2022, and he did not seek leave to appeal.

In another twist to the legal saga, Moyo dropped his bid for reinstatement in favour of pursuing the R250 million in damages. This endeavour, however, was thwarted when the South Gauteng High Court in Johannesburg denied his application for leave to appeal. This setback prompted Moyo to seek relief from the SCA, but he was ultimately unsuccessful.

With the recent decision of the Constitutional Court, it appears that Moyo’s legal battles against Old Mutual have concluded, marking a significant development in this high-profile corporate dispute.