Those
judgments awarded over US$ 26 million to the company’s former CEO, Mr Thierry
Tanoh, whose appointment was terminated in March 2014 after he had spent less
than two years in the position.
A
statement from Ecobank to the Ghana Stock Exchange said the board evaluated its
legal position in regard to these judgments, and resolved to pursue its
appeals.
The
Board the statement said is confident about the robustness and merits of these
appeals, and feels assured that the higher courts will ultimately uphold them.
It
also resolved to continue other legal proceedings against Mr Tanoh.
The
new board of directors, which was constituted in 2014, is a highly credible and
vastly experienced board.
Under
its guidance, the group’s management has subsequently completed a rigorous
51-point action plan to implement best practice governance controls and
systems, including quarterly reporting to regulators.
Since
the inception of the new board and the current management team, two
institutional investors, Nedbank and Qatar National Bank have both become
significant ETI shareholders.
The
Ecobank Group reaffirms its financial strength and its commitment to
transparent corporate governance as a systemically important banking group in
Africa.
The
bank has total assets of over US$ 23 billion.
To
further strengthen its financial position, Ecobank, in the last six months,
raised approximately US$1 billion in combined equity and debt capital for both
its parent company and its business in Nigeria, the largest of the group’s
subsidiaries.
Credit:GNA
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