A former executive of West Africa’s Ecobank who was suspended for blowing the whistle on alleged accounting irregularities within the organisation has questioned the soundness of an investment made by the Pubic Investment Corporation in the bank.
Altu Sadie, former chief financial officer in the cards and electronic banking division at Ecobank, told the judicial inquiry into issues of misconduct at the PIC on Tuesday that the state asset manager’s equity investment of $250 million had depreciated by approximately $85 million since April 2012.
Tanoh was dismissed in 2014 following months of infighting at Ecobank, with the bank saying he was at the heart of governance issues at the institution. However, Sadie said that Tanoh tried to improve governance within the bank as shown by an audit report by Ernst & Young.
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PIC investment into Ecobank was speculative, inquiry witness suggestsInvestment into West African financial services group was a poor one, down $165m or 66% over the last seven years , former exec testifies Mahlathini was busy running Besek with our Pensions monies?
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