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Old Mutual to appeal fired CEO's reinstatement

Old Mutual Ltd. will appeal a High Court decision to grant former CEO Peter Moyo temporary reinstatement following his dismissal in June.

Pending the outcome of the appeal proceedings, Moyo will not be allowed to resume work at the South African insurer.

Brian Mashile, a High Court judge, ruled the suspension and subsequent dismissal of Moyo "unlawful" and ordered Old Mutual to pay the fired CEO's court costs, Reuters reported. Moyo showed up for work July 31 and was allowed into the Johannesburg offices of the company, though he was not permitted to resume his duties, according to another Reuters report.

Moyo was suspended in May and fired in June. Reuters then reported that Moyo plans to sue Old Mutual for the firing. In July, the insurer confirmed that it intends to file court papers in the week of July 7 objecting to the former CEO's application to be reinstated.