SSNIT terminates sale of 60% shares in four hotels

The Board and Management of Social Security and National Insurance Trust (SSNIT) have terminated the process to divest 60% of its stake in four hotels.

This follows agitations and pressure by the Organised Labour to embark on a nationwide industrial strike on Monday July 15. They directed their members to stay away from work if SSNIT fails to cancel the controversial hotel sale.

In a statement dated July 12, the Board of SSNIT assured pensioners, contributors and the public of its commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme.

“The Board and Management of Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated.

“We wish to assure pensioners, contributors and the public of our commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme.”

In a related development, Rock City Hotel, in a letter dated July 12, announced its decision to withdraw its bid to purchase the 60% shares of the four hotels.

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