Ex-Ecobank CEO Can Seek $24 Million Payout After London Ruling

Thierry Tanoh
Former Ecobank Transnational Inc. Chief Executive Officer Thierry Tanoh. Photographer: Fabrice Coffrini/AFP/Getty Images

Former Ecobank Transnational Inc. Chief Executive Officer Thierry Tanoh can seek about $24 million awarded by West African courts against his former employer after a London judge overturned an order blocking the payments.

Judge Robin Knowles lifted an injunction blocking Tanoh from enforcing court judgments in Togo and Ivory Coast, according to a judgment in London on Friday. Tanoh may now collect 7.5 billion CFA Francs ($12.6 million) awarded in Ivory Coast in January and a further $11.5 million awarded by a Togolese judge in February, according to the judgment.

Tanoh left the bank more than a year ago as Nigerian regulators investigated allegations of management fraud and poor governance while he was CEO in 2013. Tanoh denied any wrongdoing.

Tanoh sued Ecobank for unfairly terminating his contract in Togo and for defamation in Ivory Coast, winning both cases.

Richard Uku, a spokesman for ETI in Lome, said he couldn’t immediately respond to a request for comment. Tanoh’s lawyers in London also declined to comment.

The case is Ecobank v. Tanoh, High Court of Justice, Queen’s Bench Division, Case No. 2015-494.

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