Start of Ecobank board meeting delayed by court injunction

by Reuters
Tuesday, 25 February 2014 17:19 GMT

* Individual shareholder files injunction to halt meeting

* Bank's top executives called for chief executive to step down

* Bank under pressure over corporate governance (Adds quote, context)

ACCRA, Feb 25 (Reuters) - A key Ecobank board meeting due to start at the bank's headquarters in Togo on Tuesday morning was delayed by an injunction filed by an individual shareholder at a court in the capital Lome, a senior bank official said.

The hastily arranged board meeting comes at a time of division among the top executives of one of sub-Saharan Africa's largest financial institutions, and amid pressure on the bank over corporate governance reform from Nigeria's securities regulator.

The bank official, who asked not to be named, said the shareholder alleged it would be prejudicial to the bank's other 600,000 shareholders to hold the board meeting just a week before an emergency general meeting set for March 3.

The official did not give any details as to who the shareholder was. "The situation is very fluid," the official said, adding that the meeting could go ahead later on Tuesday.

Ecobank's board has 12 members including Chief Executive Thierry Tanoh and four other members of the Group Executive Committee that runs the bank. Those four members called on Feb. 13 for Tanoh to step down to resolve what they said was a long-standing crisis of leadership. (Writing by Matthew Mpoke Bigg; Editing by David Lewis and Pravin Char)

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