By: Hafsatu Z Bangura
Former staff of Standard Chartered Bank Sierra Leone has sought court redress for redundancy compensation and other benefits from the bank after the bank was sold in 2023 to Access Bank Sierra Leone. In early 2023, Standard Chartered Bank Sierra Leone was sold to Access Bank which affected the employment status of 51 of its senior employees who have assiduously served Standard Chartered Bank for many years.
The plaintiffs include employees who have served in senior positions, the Relationship Manager, Financial Institutions, Value Centre General Manager, Head Finance Crime Compliance and others.At the High Court of Sierra Leone the plaintiff are seeking for the court for their lawsuit are breach of contract and redundancy caused by the sale without proper consideration for their employment status.
They claim that the act by the bank was a breach of the duty of care owed to them; the plaintiffs were seeking compensation from the Bank before completion of the sale agreement and its subsequent departure from Sierra Leone.
The Bank despite receiving regulatory approval to proceed with its sale agreement with Access Bank, Standard Chartered Bank’s pending closure in Sierra Leone has prompted the plaintiffs to seek an ex-parte interim injunction from the Court. The plaintiff aims was to prevent the sale until Standard Chartered Bank provides sufficient security measures to ensure compliance by the bank.
The plaintiffs concerned was about potential risks and uncertainties associated with the sale, which they believe may adversely affect their interests. Thus, the plaintiff has urged the Court to take action to protect their rights and prevent any detrimental consequences that may arise from this transaction.
The plaintiffs’ concerns highlight a need for greater attention towards employees’ welfare when companies undergo significant changes such as mergers or acquisitions.
Earlier 4th August, 2023, Justice Madam H. Bonnie granted an injunction, effectively halting the ordering the payment of about USD5M as security for the claims by the employee-plaintiffs sale process.
The was a temporarily seeks to protect the claims of the plaintiffs stops the sale of against Standard Chartered Bank to Access Bank until the matter can be fully assessed and resolved by the court. They are waiting the High court to carefully examine the circumstances, evidence, and legal arguments put forward by both parties before reaching a decision.
The interim injunction granted would prevent the Bank from hastily finalizing the sale and washing their hands of their legal obligations towards the employees.