Merchant Bank Sale: Court Rules Against Andy Awuni
A commercial Court has ruled that anti-graft campaigner Andy Awuni lacks the locus to sue against the sale of Merchant Bank Ghana to Fortiz private Equity Fund.
Lawyer for Fortiz, Tony Lithur argued in Court that Mr Awuni could not take the action because he is neither a trustee nor board member of majority shareholder SSNIT.
The Court upheld Lithur’s argument.
Judge Sophia R Benasko Essah said granting Mr Awuni locus will be tantamount to power parity and a usurpation of the Board’s powers by any SSNIT contributor.
Counsel for Awuni, Egbert Faibille Jr., says they will appeal against the ruling.
Fortiz is acquiring a 90% stake of Merchant Bank for Ghc90 million.
The Fund was chosen over an earlier offer of Ghc199 million for 75% shares by South Africa’s FirstRand.
Awuni has described the sale as a “dash”.
Organised labour, led by the Trades Union Congress recently kicked against the sale.
The sale of Merchant Bank has been shrouded in controversy over the past few months.