The management of Rock City Hotel has withdrawn its controversial bid to purchase 60% of SSNIT’s stake in four hotels.
In a letter dated Friday 12 July 2024 which was addressed to the director general of the Social Security and National Insurance Trust (SSNIT), Kofi Osafo-Maafo reads, “At all material times, we believed that we had participated in an internationally competitive bid and were happy to have learned of our success having edged out the 15 other organisations that participated in the process.
“It therefore came as a total surprise to us that some of your stakeholders have raised concerns about your decision to seek strategic partners for these hotels. We have also taken note of ongoing media discussions on your decision to seek strategic investors for these hotels. We have also taken note of your recent media engagements and press statements ostensibly defending your decision to seek a strategic investor.
“Flowing from all the commentary monitored and the undue negativity that has attended this commentary, we feel you have not done enough to engage all your stakeholders, leading to perceptions that we don’t want associated with our brand. We believe that such negativity is not only injurious to our brand but also jeopardises the success of the investment we intend to make in these hotels
“Therefore, we are writing to inform you of our decision to withdraw our bid and discontinue our pursuit of this investment opportunity. Finally, in the interest of accountability and transparency, we consent to you releasing all or whatever parts of our bid documents for public scrutiny or publishing the same if it should become necessary.
We wish you continued success in your endeavours.”
This came after the National Pensions Regulatory Authority (NPRA) ordered the SSNIT to suspend the sale of the hotels.
“As you may be aware, Section 67(2) of the 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 Horal Limited as the Strategic Investor in the matter of the sale of the above-mentioned hotels.” NPRA said in a statement signed by Chief Executive, John Kwaning Mbroh on June 28, 2024.
Source: Elvisanokyenews.com
