Namibia: Fired Group CEO Drags Letshego to Court docket
DISMISSED Letshego Group chief government officer (CEO) Andrew Okai has dragged the pan-African microlender to courtroom in Gaborone, Botswana, to get his job again.
Letshego Holdings, which has places of work in 11 African nations, together with in Namibia the place it runs a industrial financial institution, is defending its choice.
In response to in depth studies carried within the Botswana publication The Enterprise Weekly & Overview, the estranged Ghanaian banker is claiming unfair dismissal and desires the Botswana Industrial Court docket to declare it illegal.
Particulars have emerged that behind the dismissal of Okai is a considerable, multimillion-pula transaction that might have seen Letshego’s controlling stake being offered to a overseas firm, had Okai not ‘blocked’ the transaction.
Okai’s attorneys additionally need the matter to be heard on an pressing foundation “earlier than their shopper suffers extra prejudice”.
Okai landed the Letshego Holdings CEO job in January 2020 on a five-year time period, and nonetheless had three years left on his contract on the time of his dismissal early this month.
The Letshego Holdings board cited “an irreparable breakdown in belief and confidence between the 2 events” as the rationale for Okai’s dismissal, however didn’t elaborate on the assertion on the time.
It has, nevertheless, emerged in courtroom papers submitted by the unbiased director of the Letshego Group, Gloria Somolekae, that the dispute between Okai and the board centred on an expression of curiosity to amass nearly all of shares within the group by a 3rd social gathering – Botswana Insurance coverage Holdings Restricted – through which South Africa’s premier monetary providers firm, Sanlam Life Insurance coverage, has a controlling stake.
In response to Sololekae, acrimonious variations over the process to comply with emerged between Okai and the board, with the group CEO participating in engagements which the board considered a battle of curiosity and insubordination as they had been allegedly not authorised.
Because of this the takeover didn’t occur, and this led to the breakdown in belief between the events, which in flip led to Okai’s dismissal, Sololekae submitted in her courtroom papers.
Choose Isaac Bahuma, who presided over the case, has reserved judgement on listening to the case as an pressing matter.