ECOBANK ORDERED TO PAY 12.3MILLION DOLLARS..READ WHY

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.