Merchant Bank Sale: Court Rules Against Andy Awuni

Merchant Bank Sale: Court Rules Against Andy Awuni

Andy Awuni - Merchant Bank Sale

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.

-xyz news

2 Comments

  1. Paapa sika kofi jnr says:

    Aaaaaaaaaaba Ghaaaaaaana where are going at all.199million ghcedis for 75% u will not understand bt 90million for 90% u will understand. This leaders we leave you to GOD.

  2. adingo francis says:

    I love my country gh,becose we have strong judicial systm that will put things at their right place,God bless Andy n Tony Lither.

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