General News of Sunday, 6 April 2014

Source: XYZ

Anti-graft group wants Merbank/Fortiz deal reversed

Anti-graft group, Public Action Against Corruption and Abuse (PAACA), staged a 150-man march against the Government over the sale of Merchant Bank to Fortiz Private Equity Fund.

The group says the Government must reverse the sale. Its Secretary, Joseph Otoo, said the deal is inimical to Ghana.

Fortiz acquired 90 percent shares of the Bank for Ghc90 million.

Mr. Otoo said the reversal of the deal is necessary to allow investigations into the sale.

The sale of Merchant Bank to Fortiz has been a controversial subject over the past few months. Civil Society and anti-corruption group, Centre for Freedom and Accuracy, has dragged the matter to Court.

Its Executive Director Andrew Awuni described the sale as a giveaway.