NPRA orders SSNIT to suspend hotel sale negotiations with Rock City

The National Pensions Regulatory Authority (NPRA) has ordered the Social Security and National Insurance Trust (SSNIT) to cease its ongoing negotiations with Rock City over the sale of four hotels.

SSNIT has entered into discussions with Rock City Limited as strategic investor for the sale of its four hotels: Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.

In a letter to the SSNIT on Friday 28 June, the NPRA stated: “As you may be aware, section 67(2) of the (National Pensions) Act requires us to issue relevant guidelines to guide your investment decisions.”

“In support of this request, you are hereby instructed by the Board of the Authority to suspend all proceedings aimed at attracting Rock City Hotel as a strategic investor for the sale of the above-mentioned hotels,” the letter continued.

The NPRA also mentioned that it is consulting with the Minister of Pensions and other relevant stakeholders on this issue.

“Once we have completed our assignments and the evaluation of the relevant facts related to the issue, you will be given further instructions on this matter,” it continued.

Read the full statement below:

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