FirstBanC isn’t Fund Manager of TPFA - Asiedu

Mr Samuel Annie Asiedu, Acting Managing Director of FirstBanC Financial Services Limited, has said, the company is not, and has never been the fund manager of the Temporary Pension Fund Account (TPFA), operated by the National Pension Regulatory Authority (NPRA).

In a statement issued in Accra on Saturday, Mr Asiedu said the company’s attention has been drawn to certain misleading information being circulated in the public domain through the internet by Mr Franklin Cudjoe of Imani Ghana, and some other persons on several media networks.

He pointed out that the statements in the said expose “are matters which are easily verifiable from the National Pension Regulatory Authority (NPRA), and the Bank of Ghana.”

Mr Asiedu said, it is however, being made to portray a negative image of the company and one of its directors.

He said in correcting the wrong impression being created, it is important to clarify and explain that the company was duly appointed as the Administrator of the Fund.

Mr Asiedu pointed out that by this mandate, the Fund Administrator “does not have access to the funds, as is being purported by Mr Cudjoe and some other persons in the media.”

The Acting MD further pointed out that it cannot be true that the company and its client, Fortiz, a private equity firm, have access to the funds in the TPFA, to acquire Merchant Bank, “as is being falsely, ignorantly, and maliciously put out by Franklin Cudjoe and other persons.”

Mr Asiedu intimated that the company was currently talking to its lawyers, and would subsequently take the next line of action.