Johannesburg - Daniel Matjila, chief executive officer of South Africa’s Public Investment Corporation, is jointly liable for the payment of 7.5 billion CFA Francs ($12.8 million) to former Ecobank Transnational Corporation CEO Thierry Tanoh, a summary of a court judgment shows.
Matjila and Lome, 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 which was made earlier this month. Tanoh left Ecobank last year after a dispute.
The PIC, Africa’s largest asset manager, owns 13.9 percent of Ecobank, according to data compiled by Bloomberg reporters.
Bloomberg