Ecobank To Petition $15m Compensation Ruling For Ex-CEO

January 22, 2015 Felicia Omari Ochelle Business, Strategies & Solutions

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VENTURES AFRICA – Pan-African banking group, Ecobank Transnational Incorporated (ETI), has revealed that it will challenge the ruling by a commercial bank directing it to pay former Chief Executive, Thierry Tanoh, $15 million.
“It’s not a fair judgement and we don’t think that the commercial court is the competent court in which this matter should have been held,” said Ecobank spokesman Richard Uku.
Daniel Matjila, Chief Executive of South Africa’s Public Investment Corporation (PIC) and one of Ecobank’s 12 directors, had written a letter to board members on the 1st of March 2014, citing different reasons why Mr Tanoh ought to be removed as Group CEO. This was published by the media and therefore instrumental to his subsequent dismissal. The South African PIC was the principal shareholder in Ecobank up until Qatar National Bank bought a stake of over 23 percent in September last year.
According to a report by Reuters, the appeal will be made to I
vory Coast’s Court of Appeal in Abidjan.
Mr Tanoh had earlier sued Dr Matjila, PIC and ETI jointly for defamation. The case was levied before the Commercial Court of Abidjan. According to Business Today, Thierry used an Ivorian civil technique rule that allows action to be taken in the courts of Côte d’Ivoire in certain circumstances when the defendants do not reside in that country.
Thierry Tanoh, presently works for Ivory Coast President, Alassane Ouattara, as Deputy Secretary General in the presidency.