Display options Mobile website

General News of Thursday, 3 April 2014

Source: myjoyonline.com

'Damning report' on Merbank-Fortiz deal to be out soon - Minority

The Minority in Parliament is set to publish what it has described as a "damning report" about the controversial sale of Merchant Bank to Fortiz Private Equity Fund.

The Minority opened its own enquiry into the controversial deal inviting evidence from the public, following failure to secure a bi-partisan parliamentary enquiry into the sale.

The sale of Merchant Bank to Fortiz is already being challenged in court by Mr. Andrew Awuni, Executive Director of the Centre for Freedom and Accuracy.

Deputy Minority Leader, Dominic Nutiwul says the Minority is adding finishing touches to the report before making it public.

He told Joy News' Evans Mensah that although he is not sure about the exact date the report would be unveiled its contents will stun Ghanaians.

The Merchant Bank-Fortiz deal was embroiled in a fierce controversy when the process began late last year.

The transaction, which was supervised by the Bank of Ghana, generated debate about its transparency.

Over 80 members of Parliament forced a re-assembly of the House to deliberate and subsequently look into the transaction in January this year.

The motion was, however, rejected by the Speaker of Parliament, Edward Doe Adjaho.

Fortiz Private Equity Fund currently owns 90 percent of Merchant Bank while its previous owner, the Social Security and National Insurance Trust (SSNIT) owning the remaining 10 percent.

Comments:
This article has 24 comments, give your comment