Gambian Court Orders Security Deposit in Dispute Over Standard Chartered Transfer

A High Court in Banjul has ordered Standard Chartered Bank Gambia Limited to deposit 250 million dalasis into an interest-bearing account as a safeguard for employee entitlements, amid a legal dispute over the bank’s planned transfer of operations to Access Bank Gambia Limited.

The ruling, delivered by Justice Sonia Akinbiyi K.J.W., came in response to a motion for an interlocutory injunction filed by 82 employees of Standard Chartered, including Ebrima Jatta and Musu Badjie. The plaintiffs are seeking to halt the bank’s business transfer, citing fears over job security and the protection of their employment rights.

The employees argued that they had valid employment contracts with Standard Chartered Bank Gambia Limited and expressed concern that the impending transfer of operations to Access Bank could jeopardize their positions and entitlements, including provident fund contributions and severance payments.

In court, the bank countered that it was not transferring its business but that its majority shareholder was in the process of divesting its shares to Access Bank. Standard Chartered also assured the court that it had no plans for redundancies and maintained that it possessed the financial means to honor all employee-related obligations.

Justice Akinbiyi, while declining to grant an injunction halting the transfer, acknowledged the legitimacy of the employees’ concerns. To protect their potential claims, she ordered the bank to place GMD 250 million into an escrow account to be overseen by the Sheriff of The Gambia.

“The deposit will remain in place pending the final determination of the substantive suit,” Justice Akinbiyi ruled.

The case is viewed as a critical test of employee rights and corporate responsibility in The Gambia’s banking sector as foreign ownership and cross-border acquisitions become increasingly common.