The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to suspend its ongoing negotiations with Rock City over the sale of four hotels.
SSNIT is currently engaging Rock City Limited as the Strategic Investor in the sale of its four hotels namely Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.
The NPRA in a letter to SSNIT on Friday, June 28 indicated that “As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment decisions.”
“In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel as the Strategic Investor in a matter of the sale of the above hotels.”
The NPRA added that it was engaging the Minister for Pensions and relevant stakeholders on the subject matter.
“Further directives shall be issued to you on the subject matter as soon as we conclude our engagements and the evaluation of the relevant facts associated with the subject matter,” it added.
READ THE LETTER FROM NPRA TO SSNIT HERE
Source: Citi News