Ecobank Settles Legal Dispute with ex-CEO
After a long and hard-fought legal battle between pan-African banking conglomerate, Ecobank, and its former CEO, Thierry Tanoh, the duo have settled out of court.
Ecobank that operates in many African countries had been at loggerheads with its former CEO, Tanoh.
A legal battle ensued after Tanoh, who was named the bank’s CEO in 2013 was fired early 2014 following allegations of corporate impropriety and a bitter governance dispute that caused divisions at the top of the bank.
Tanoh sued for unfair dismissal in Togo and in Ivory Coast on the grounds that a letter published during the dispute by an Ecobank board member, the head of South Africa-based Public Investment Corporation, had sullied his reputation.
In 2015, the two West African courts awarded him damages exceeding $35 million.
But a London court blocked those two rulings in April same year.
Revealing the latest development last Friday, Richard Uku, spokesman for Ecobank Transnational Incorporated said: “This is the end of the matter. Final. We are about the business of banking. It’s good to move on.”
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The Court of Appeal in Lagos on Tuesday struck out the three pending appeals filed by Ecobank against the ruling