Embattled former Old Mutual CEO Peter Moyo has lodged an urgent application for the board of Old Mutual and its chairperson Trevor Manuel to be declared as having deliberately interfered with the functioning of the courts.
In a new affidavit, the on-again, off-again Old Mutual head stated that his second axing by the financial services giant on August 22 was “deliberately calculated to undermine the efficacy of the judgment of this court”.
In an open letter published on its website last week, Old Mutual said it took the step to terminate Mr Moyo’s tenure as CEO for a second time “after legal advice and on careful reflection by directors, with proper regard to their fiduciary duties to the company”.
Mr Moyo is currently challenging in court his first firing in June. Judgment in that case is expected at the end of August.
Old Mutual said last week that Mr Moyo may decide to challenge his second notice of termination in court. The group said it would once again defend its position if he did so. “We will stand our ground if he does, naturally, and at all times continuing to respect the law and our court system,” a statement from the group read.
The former Old Mutual CEO challenged his initial dismissal in court in late July, arguing he was being victimized for bringing up what he said was a conflict of interest for Mr Manuel. Mr Manuel has denied this.
On July 30, Judge Brian Mashile found that his dismissal was unlawful and ordered Old Mutual to reinstate him on a temporary basis. However, he was barred from work the day after his court victory, after South Africa’s second-largest insurer filed a notice to appeal against the judgment.
Complex tussle
Mr Moyo, in his affidavit filed on Monday, states that his latest application is a continuation of his previous bid to have Old Mutual declared in contempt of court for failing to reinstate him. Arguments in this case were heard on August 16 and judgement reserved until the end of the month.
He is now asking the court to hold off on that ruling until arguments in his latest application are heard on Tuesday September 3.
“(The)act of interference is exacerbated and aggravated by the fact that there is a pending judgement. To anticipate the judgement and act recklessly and precipitously as Old Mutual has done, is a grave act of interference with the functioning of the court,” Mr Moyo’s legal document reads.
On August 22 a law firm representing Old Mutual sent a letter to Mr Moyo’s legal team denying the company was in contempt of court by firing him for the second time.
Personal costs
Mr Moyo cited Section 165 of the Constitution in his new court papers which vests judicial authority in the courts. He states that Manuel and 13 non-executive directors at Old Mutual should be declared in breach for “interference with the functioning of the court”.
“It is imperative upon this court to restore its dignity and authority … and ensure appropriate censure,” his affidavit reads.
He also wants Mr Manuel and the non-executive directors to pay the costs of this application personally “as this conduct does not promote the interests of stakeholders . . . and in fact harms them”.
Info News
Best Term Life Insurance Policies for Families
Term life insurance is one of the simplest ways to protect your family financially if something unexpected happens. It provides coverage for a set period, which makes it a practical choice for families who want affordable protection during the years they need it most.
rnMany families choose term life because it can offer a large amount of coverage at a lower monthly cost than permanent life insurance. That is especially useful if you are paying a mortgage, raising children, or trying to replace income for a spouse or partner. The main goal is to make sure your family would have enough support if you were no longer there.
rnWhen comparing policies, focus on coverage amount, term length, and insurer reliability. A policy should be large enough to cover living expenses, debts, childcare, and future costs such as college or mortgage payments. The right term length usually matches your biggest financial responsibilities.
rnIt is also smart to compare riders and policy features. Some policies offer options like accelerated death benefits or conversion privileges, which can add flexibility later. Even though these extras may not matter right away, they can become important as your family’s needs change.
rnHealth and age play a major role in pricing. In many cases, younger and healthier applicants get lower premiums. That is why it often makes sense to buy coverage before health issues appear or before your family’s financial needs increase.
rnA good term life policy should be easy to understand and simple to maintain. You want a plan that gives your family peace of mind without forcing you into complicated features you do not need. For most families, clarity and affordability matter more than anything else.
rnIf you are comparing policies for the first time, think about what your family would need if your income stopped tomorrow. That question can help you choose the right coverage amount and avoid buying too little protection.
rnThe best term life insurance policy is the one that fits your budget today while protecting your family’s future.
rnrn
rn
Mortgage Refinance Rates and Home Loan Savings
Mortgage Refinance Rates: When to Refinance
Homeowners often consider refinancing when mortgage refinance rates are lower than their current rate. Refinancing replaces your existing mortgage with a new loan.
A refinance may help lower monthly payments, reduce interest costs, change loan terms, or access home equity.
Types of Mortgage Refinance
A rate-and-term refinance changes the interest rate or loan length. A cash out refinance allows homeowners to borrow against home equity and receive cash at closing.
Cash out refinancing can be useful for home improvements or debt consolidation, but it increases the loan balance.
Costs to Compare
Refinancing includes closing costs such as lender fees, appraisal fees, title fees, and recording fees. Homeowners should calculate the break-even point before refinancing.
Conclusion
Mortgage refinance rates can create savings, but refinancing only makes sense when the long-term benefit is greater than the cost.
