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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Enterprise Group PLC records 37% rise in revenue in 2021

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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Ecobank to appeal $15m ruling

bycitibusinessnews
January 19, 2015
in Banking And Finance, Business, Top Stories
Albert Essien

Albert Essien

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Ecobank Transnational Corporation (ETI) has served notice it will appeal against the decisions by the Commercial Court of Abidjan directing the company to pay $15 million in damages to former Chief Executive Thierry Tanoh.

[contextly_sidebar id=”DbUbdoH13UFENeOt78qzhwwod7gJjyu6″]The Commercial Court of Abidjan ruled on 15th January 2015 that Dr Daniel Matjila, a director of ETI and Chief Executive Officer of Public Investment Corporation of South Africa (PIC)), along with PIC and ETI are jointly liable for defamation against Thierry Tanoh.

Thierry Tanoh

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According to a statement dated January 17, 2015 from ETI, it will apply for a stay of execution of the court’s decision.

ETI argued that “the Commercial Court of Abidjan does not have the jurisdictional right to rule on this matter, and its decision is totally unfounded.

ETI believes that this sets a very dangerous precedent of law in several respects, as 2 well as for the business environment in Côte d’Ivoire.

The only reason that Mr Tanoh gave for initiating the action in Côte d’Ivoire is that he is an Ivorian national.” According to the statement, “the Commercial Court of Abidjan proceeded with the case on a technicality, notwithstanding the fact that ETI had raised the objection to the jurisdiction at the right time.”

Quite separate from the Abidjan case, Mr Tanoh has also sued ETI in Togo for unlawful termination of his contract, and is seeking US$18 million in compensation.

ETI has lodged a criminal complaint against Mr Tanoh for taking away all official files that he handled as Group CEO of Ecobank and for deleting all electronic files from the official computers that he used as Group CEO.”

Background of the case 1n February 2014, when Mr Tanoh was Ecobank Group CEO, a number of ETI directors convened a special board meeting to discuss certain developments.

These included a directive of the Securities and Exchange Commission of Nigeria for ETI to reverse certain decisions that Mr Tanoh had taken in contravention of the Commission’s earlier directives and the call by the whole of Ecobank Group’s executive management for Mr Tanoh to step down.

Dr Matjila wrote a letter to board members on the 1st of March 2014, stating various reasons why Mr Tanoh should be removed as Group CEO.

Several media establishments including the Financial Times and Bloomberg reported on the call for Mr Tanoh to step down, including some of the reasons given in the letter.

Mr Tanoh sued Dr Matjila, PIC and ETI jointly for defamation in the Commercial Court of Abidjan.

In doing so, he used an Ivorian civil procedure rule that allows action to be taken in the courts of Côte d’Ivoire in certain circumstances when the defendants are not resident in that country.

ETI had raised objection to the jurisdiction of the Commercial Court of Abidjan, first as this was a civil and not a commercial case.

This court, as its name implies, hears commercial cases.

ETI also argued that the case should be heard in Togo, the domicile of ETI, or in the courts of England as provided for in Mr Tanoh’s employment contract.

 

By: Rabiu Alhassan Alhassan/citifmonline.com/Ghana

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[From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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