The Supreme Court of Appeal of South Africa has refused ex-Old Mutual CEO Peter Moyo’s appeal of an earlier decision – a decision which overturned his temporary reinstatement and dismissed the case against his axing last June.
“Old Mutual welcomes this ruling as it enhances certainty and is another important step forward in ending the litigation instituted by Mr. Moyo against Old Mutual,” Old Mutual said in a statement following the company’s reveal of the decision.
Reuters reached out to Moyo’s lawyer for a comment, but the legal representative was not immediately available for comment.
The development comes after Moyo recently stepped down from a board position with South African financial services group Nedbank.
