Ecobank : just a battle for transparency ?

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On a eve of an extraordinary general meeting of shareholders which have, on this monday 3th march,  to discuss and establish  a new gouvernancy  rules in Ecobank, the south african fund, Public Investment Corporation, the biggest shareholder of the panafrican  bank, has  revealed  clearly that he will no longer support the current chief executive.  “Thierry Tanoh must resign” immediatly”, according to a letter sent by the investment director of the fund, a continent largest asset manager, USD 150 bn under gestion,     to  the interim Chairman, cameroonian André Siaka, with a several leaks  to medias.  The maintain of the  ivoirian manager will break the panafrican dream, PIC said on it’s letter. In facts, this strange pressure, fully supported by seven on twelve administrators of Ecobank, seems to be  made in order to no let Therry Tanoh  reveals a severe conclusions of Ernest andYoung report.  “The content of this report is not going in the south african  interests” said anonymous source  familiar to the matter.   The EY  report pointed out the former CEO Arnold Ekpe method of management in a several acquisitions and contracts such a  USD 80 m  building bought from Amcon in the last month of Ekpe  term with a USD 6m paid commissions. What ever will be the conclusion of this GEM, Ecobank will not be the same.  For the first time, the restructured board members (7 administrators ) will not  be dominated by the management but by the shareholders representants.  Which means that the CEO will no longer act as a bank owner but just as a salary under the chairman responsability. How long  the no control clause signed by PIC will be respected?

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