1.1960228

Ecobank Transnational Inc. (ETI) was ordered by the commercial court in Abidjan to pay former Chief Executive Officer Thierry Tanoh 7 billion CFA Francs (US$12.3million) in compensation, Francois Koumoin, the president of the court, said.

Tanoh, an Ivory Coast national, was removed as CEO of the Lome, Togo-based bank in March last year after regulators probed allegations of management fraud and poor corporate governance at the pan-African lender.

He was replaced by his deputy Albert Essien.

Ecobank considers the decision “unfortunate and unfair” and the amount “excessive” and will appeal against it, said Richard Uku, a spokesman for the company. He said the bank has argued that any legal proceedings should take place in the U.K. or at an international tribunal, since the employment contract was under U.K. law.

A separate lawsuit for unfair dismissal is under way in Togo, according to Uku.

Founded in 1985, Ecobank operates in France and 35 African countries, and has representative offices in Beijing, Dubai and London. Its shareholders include South Africa’s Public Investment Corp. — the continent’s biggest fund manager; South Africa’s Nedbank Group and Qatar National Bank.

The company’s stock is traded in Abidjan, Ivory Coast; Nigeria; and Ghana.




Credit: Reuters

Share Button

Post Your Comments >>

DISCLAIMER

The views expressed in comments published on GhanaFilla.net are those of the comment writers alone. They do not represent the views or opinions of GhanaFilla or its staff, nor do they represent the views of any entity affiliated with GhanaFilla. Comments are automatically posted; however, GhanaFilla reserves the right to take any comment down at any time. Please report any inapropriate or abusive comments to us so we can take them down.