SSNIT hotels saga: NPRA directs SSNIT to suspend all engagments with Rock City
The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to suspend its ongoing negotiations with Rock City Hotel over the sale of some four hotels. The directive comes after the management of SSNIT briefed the board of NPRA on the proposed sale of the four hotels namely Labadi … The post SSNIT hotels saga: NPRA directs SSNIT to suspend all engagments with Rock City appeared first on Asaase Radio.
The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to suspend its ongoing negotiations with Rock City Hotel over the sale of some four hotels.
The directive comes after the management of SSNIT briefed the board of NPRA on the proposed sale of the four hotels namely Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.
In a letter signed and addressed to SSNIT by the CEO of NPRA John Kwaning Mbroh,on Friday (28 June), NPRA said further directives will be issued to SSNIT after it concludes it’s engagements and evaluation of the relevant facts associated with the matter.
“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.”
“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,” the NPRA letter said.
Below is a copy of the letter:
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