You are currently viewing our desktop site, do you want to visit our Mobile web app instead?

Ecobank wants to fight former CEO’s claims in English courts

After appealing judgments in Ivory Coast and Togo.
Ecobank Transnational Inc., the Togolese lender embroiled in a battle with former Chief Executive Officer Thierry Tanoh, wants to fight his claims in English courts after appealing judgments in Ivory Coast and Togo.
 
“The contract was based on English law — the jurisdiction is not Togo but in England,” interim CEO Albert Essien said in a London interview with Bloomberg TV Africa on Monday. “We have started the process for international arbitration.”

Tanoh, who left Ecobank a year ago, won defamation cases against the lender in Ivory Coast and Togo for wrongful dismissal. The bank, ordered to pay Tanoh about 13.2 billion CFA francs ($22.5 million), is appealing the judgments. Ecobank has been in dispute with Tanoh since 2013 after regulators investigated allegations of management fraud and poor governance. Tanoh has denied any wrongdoing.

Even with the judgment in Togo going against Ecobank, moving its headquarters from the West African nation’s capital, Lome, “is not on the cards,” Essien said.

Essien, who agreed to head the bank for a limited period after Tanoh was ousted last March, said his successor may be announced by June.

©2015 Bloomberg News

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: