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General News of Sunday, 5 January 2014


Parliament can’t overturn Merbank sale – Ho MP

Member of Parliament (MP) for Ho, Ben Kpodo, has dismissed suggestions that Parliament could overturn the sale of Merchant Bank to Fortiz Private Equity Fund as the House is expected to convene an emergency sitting on Monday over the GHC 90 million deal.

Over 80 MPs, led by the Deputy Minority Leader, Dominic Nitiwul have signed a motion to demand a Parliamentary inquiry into the deal.

But speaking to Citi News, the Ho MP said it is not the duty of Parliament to be involved in the private transactions of companies.

“Parliament does not go about selling properties on behalf of companies and cooperation or authority in Ghana as well as taking day to day decisions or investment decisions for state enterprises or institutions. So if a company has done its business and it is fairly done, that is it,” he stated.

He also mentioned that the outcome of the suit by the Executive Director for the Centre for Freedom and Accuracy, Andrew Awuni, is indicative that there has been a definite conclusion to the issue and there is no need for Parliament's involvement.

Mr. Awuni sued the Bank of Ghana, Fortiz, and the Social Security and National Insurance Trust (SSNIT) concerning the sale of Merchant Bank but the case was dismissed. He has since filed an appeal.

Meanwhile, Fortiz Private Equity Fund Limited says it has officially taken over operations of Merchant Bank Ghana Limited.

The consortium says it is now the legal and registered owner of 90 per cent shares of Merchant Bank.