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.
“It’s a trial that reestablishes the honour and reputation of
Thierry Tanoh,” said Tanoh’s lawyer Soualiho Lassomann Diomande after the
ruling. Tanoh had initially sought $30 million in damages, he added.
Ecobank did not immediately respond to a
request for comment.
The tribunal ordered Ecobank to publish the
decision in South African media, Diomande said, adding that a separate case
over Tanoh’s dismissal is pending in a court in the Togolese capital, where ETI
has its headquarters.
Tanoh, an Ivorian, now works for Ivory Coast
President Alassane Ouattara as deputy secretary general in the presidency.
- Reuters
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