Ecobank Ordered to Pay $15m to Former CEO

An Ivory Coast commercial court has ordered Ecobank Transnational Incorporated (ETI) to pay $15 million as damages to its former chief executive, Thierry Tanoh, who was dismissed last year amid allegations of poor governance, his lawyer said at the weekend.

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.

"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 Ivorien, now works for Ivory Coast President Alassane Ouattara as deputy secretary general in the presidency.(Thisdaylive)