July 30, 2019 / 5:29 PM / 3 months ago

South Africa's Old Mutual to appeal court ruling to reinstate CEO

JOHANNESBURG, July 30 (Reuters) - South Africa’s second-largest insurer will appeal against a High Court ruling that its dismissal of CEO Peter Moyo was unlawful and that he should be reinstated, an Old Mutual spokeswoman said on Tuesday.

Old Mutual in May suspended and subsequently fired Moyo over a dispute regarding an alleged conflict of interest, but he was reinstated by a Johannesburg High Court judge earlier on Tuesday, sending the insurer’s shares down 5%. (Reporting by Emma Rumney Editing by David Goodman)

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