Minority to Gov’t: Stop Fraudulent Sale of Merchant Bank

Minority to Gov’t: Stop Fraudulent Sale of Merchant Bank.

Parliament of Ghana

Parliament of Ghana

The Minority in Parliament has attacked the sale of Merchant Bank Ghana Limited to Fortiz, calling it a “scam”.

Challenging both President John Mahama and the Bank of Ghana to “stop this fraudulent sale”, the Minority said “we want to state emphatically that due diligence has not been done” with respect to the FORTIZ deal.

At a press conference on Thursday morning, the group said, “the Ghanaian people have witnessed unprecedented corruption in the last five years. The creation, looting and sharing have been more than enough.

“After Mabey and Johnson and Woyome and Waterville and Isofoton and SADA and GYEEDA and SUBAH and Vickyleaks and all the rest, please spare us FORTIZ”.

“Right before our very eyes, the looting brigade is at work. This time around our future savings with the SSNIT scheme has been hit by the “create, loot and share” syndrome.

Fortiz, a wholly owned Ghanaian equity firm, reached an agreement with the Social Security and National Insurance Trust (SSNIT) and SIC Life to take over the majority stake in Merchant Bank in October, this year.

Under the terms of the agreement, the acquisition includes the non-performing loans in Merban Assets Recovery Trust and Fortis will be required to inject adequate capital to address the solvency and liquidity challenges facing the bank.

The firm is also to implement a turnaround strategy to ensure that the bank continues to operate normally.

The equity firm has since November 1, taken possession of the bank after SSNIT had offloaded its majority stake in the bank.

-citifm

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