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SSNIT Hotels Saga: NPRA Orders SSNIT to Stop All Connections with Rock City

Theo

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

The instruction came after the management of SSNIT informed the NPRA Board of Directors about the planned sale of four hotels: Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.

In a letter signed by NPRA CEO John Kwaning Mbroh and addressed to SSNIT on Friday (28 June), NPRA said further instructions would be issued to SSNIT after the company had completed its engagements and evaluated the relevant facts relating to the matter.

“As you may be aware, section 67(2) of the (National Pensions) Act requires us to issue appropriate guidance to help you with your investment decisions.

“In support of this request, you are hereby directed by the Board of the Authority to suspend all processes aimed at engaging Rock City Hotel as a strategic investor in any matter relating to the sale of the above-mentioned hotels.”

“Once we have completed our engagements and evaluation of the relevant facts related to the issue, further instructions on this matter will be sent to you,” the NPRA letter said.

Below you will find a copy of the letter:

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