Ecobank Transnational Inc will challenge a ruling by a commercial court in Ivory Coast that the pan-African bank must pay $15 million in damages to former chief executive Thierry Tanoh, a spokesman said on Monday.
The court ruled last week that a letter written by Ecobank board member Daniel Matjila last year and published in the media tarnished the image of Tanoh, who was dismissed last March.
Matjila is chief executive of South Africa’s Public Investment Corporation, which was the largest shareholder in Ecobank until Qatar National Bank bought a stake of more than 23 percent in September.
The appeal would be to Ivory Coast’s Court of Appeal in Abidjan, said a lawyer for Tanoh. Judgement in a separate case involving Tanoh’s dismissal filed in Togo is expected on Feb. 3, Uku said.
