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MarketScreener Homepage  >  Equities  >  GHANA STOCK EXCHANGE  >  Ecobank Ghana Limited    EGH   GH0000000680

ECOBANK GHANA LIMITED

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Alleged illegal charges: Tribunal throws out case against Ecobank

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10/11/2018 | 08:47am EDT

The chairman, Investment and Securities Tribunal (IST), Siaka Idoko- Akoh, has thrown out a case filed by Mact Securities Limited against Ecobank over alleged illegal bank charges.

The defendant challenged the jurisdiction of the tribunal to entertain the suit on the grounds the subject-matter of the suit are not within the jurisdiction of the tribunal; that the claimant does not have the locus standi to institute the suit and that the action is statute-barred amongst others.

In its judgment the tribunal held that the complaint of the claimant was clearly related to transactions arising from granting of a loan and the chargeable interests which are matters pertaining to banks, in which jurisdiction has been reserved under the Constitution of Nigeria, for either a State High Court or the Federal High Court.

Bank charges and interests on loans, according to the tribunal, are matters clearly outside the scope of the jurisdiction conferred on the IST under Section 284(1) ISA.

'This suit is hereby struck out for want of jurisdiction of this tribunal. Cost of N100,000 is awarded against the claimant in favour of the bank as cost of this action'', the chairman said.

© Pakistan Press International, source Asianet-Pakistan

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Financials (GHS)
Sales 2019 1 230 M
EBIT 2019 583 M
Net income 2019 402 M
Debt 2019 -
Yield 2019 12,0%
P/E ratio 2019 5,84
P/E ratio 2020 5,41
Capi. / Sales 2019 2,10x
Capi. / Sales 2020 1,75x
Capitalization 2 580 M
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Number of Analysts 4
Average target price 9,07  GHS
Spread / Average Target 13%
Managers
NameTitle
Daniel Nii Kwei-Kumah Sackey Managing Director & Executive Director
Terence Ronald K. Darko Independent Non-Executive Chairman
Samuel Hiram Yaro Head-Operations & Information Technology
Edward Nartey Botchway Chief Financial Officer & Executive Director
Rosemary Yeboah Independent Non-Executive Director