COURT DISMISSES CHALLENGE TO SALE OF MERCHANT BANK TO FORTIZ EQUITY FUND AS DEFENCE COUNSEL FILES APPEAL

Accra High Court has ruled that the Executive Director of the Center for Freedom and Accuracy, Andrew Awuni has no capacity to bring the sale of Merchant Bank to Fortiz to court.

Justice Sophia Benasko Essah said Mr Awuni cannot bring the case to court in his capacity as a citizen and also as a contributor to SSNIT.She said if the application is granted it will amount to equating every SSNIT contributor to a Trustee or a Board Member of SSNIT who are mandated by law to take decisions concerning SSNIT.

 Lead Counsel for Andrew Awuni in his challenge to the sale of Merchant Bank to Fortiz Private Equity Fund says the dismissal of the case is not the end of the matter. 

Speaking to Radio Ghana, Egbert Faibille said the matter has now gone beyond Fortiz and its acquisition of Merchant Bank. 

He argued that it is now an issue of whether it is right, just and equitable for SSNIT to collect pension from workers, but cannot be questioned or taken to court by any individual contributors when it is mismanaging, the funds. He has consequently filed a notice of appeal. 

Meanwhile,Fortiz Equity Fund has formally announced its official takeover of Merchant Bank Ghana Limited. A statement signed by Emmanuel Botchwey on behalf of the executive director assured the public and all other stakeholders of its commitment to achieving the objectives of Merchant Bank which includes, putting all the human and capital resources necessary for success at the disposal of Merchant Bank. It announced Miss Nilla Selormey as the Managing Director designate.