Tribunal Orders Ecobank To Pay $15million to Sacked Former CEO

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An Ivory Coast commercial court has ordered Ecobank Transnational Inc (ETI) to pay $15 million in damages to former chief executive Thierry Tanoh, who was dismissed last year amid allegations of poor governance, his lawyer said on Friday.

The board of Ecobank had removed Tanoh last March and replaced him with his then deputy Albert Essien, after months of turmoil over corporate governance and leadership at one of the biggest financial institutions in sub-Saharan Africa.

At the time, the crisis was seen as a test case for regulators that put a spotlight on the integrity of Africa’s financial institutions.

Tanoh has denied all allegations of poor corporate governance and took his case to the commercial court, complaining that Ecobank board member Daniel Matjila, chief executive of South Africa’s Public Investment Corporation, had tarnished Tanoh’s image in a letter published in the media.

PIC did not immediately respond to a request for comment on Friday.

Source: Reuters