The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to suspend its ongoing strategic arrangements in the sale of 60% shares of four of its hotels to Rock City Hotel, which is owned by Bryan Acheampong, the Minister of Agriculture.
The NPRA in a letter to SSNIT on Friday, June 28 said “As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment decisions.”
“In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel as the Strategic Investor in a matter of the sale of the above hotels.”
SSNIT has settled on Rock City Hotel as its staretgic investors and in the process of selling 60% shares of its four hotels namely Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.
However, the NPRA says it was engaging the Minister for Pensions and relevant stakeholders on the subject matter hence the need for SSNIT to suspend the deal.
“Further directives shall be issued to you on the subject matter as soon as we conclude our engagements and the evaluation of the relevant facts associated with the subject matter,” it said.
Below is the letter from the NPRA to SSNIT
Source: rainbowradioonline.com
