PIC: Matjila, Ecobank to pay Tanoh

DAN Matjila, the chief executive of the Public Investment Corporation (PIC), is jointly liable for the payment of 7.5 billion CFA Francs (R145 million) to former Ecobank Transnational chief executive Thierry Tanoh, a summary of a court judgment shows. Matjila and Togo-based Ecobank have been ordered to execute the judgment, made by the Abidjan Commercial Court in Ivory Coast, the summary released by Ecobank shows. Matjila and Ecobank have appealed the ruling. Tanoh left Ecobank last year after a dispute. The PIC, Africa’s largest asset manager, owns 13.9 percent of Ecobank, data shows. – Bloomberg