Business News of 2013-12-15

‘We don’t own Fortiz’ – First BanC

Investment Banking Firm, First BanC Financial Services has denied media reports that they are the real owners of Fortiz Private Equity Fund.

First BanC in a press statement said it is only a transactional advisor to Fortiz.

"FirstBanC does not own, neither is it a shareholder of Fortiz Private Equity Fund Ltd (Fortiz). It is a General Partner of the Equity Fund and in that capacity acts as the Transactional Advisor."

"FirstBanC has not received, nor is it managing the national Tier 2 pension funds from the National Pensions Regulatory Authority (NPRA)," the statement further stated.

Below is the full statement

PRESS RELEASE The attention of the Management of FirstBanC Financial Services Limited (FirstBanC) has been drawn to certain misleading information being circulated in the public domain. These are matters which are easily verifiable from the various Regulatory Authorities, yet the falsehoods are deliberately being disseminated to portray a negative image of FirstBanC. We deem it important to correct the wrong impression being created and clarify as follows: The Managing Director of FirstBanC is Mrs. Kokui Adu.

FirstBanC does not own , neither is it a shareholder of Fortiz Private Equity Fund Ltd (Fortiz). It is a General Partner of the Equity Fund and in that capacity acts as the Transactional Advisor.

FirstBanC is a well established and reputable investment banking firm. It is duly licenced as a Pension Fund Manager. FirstBanC does not receive an amount of GHC30million per month of pension contributions as being speculated.

FirstBanC has not received, nor is it managing the national Tier 2 pension funds from the National Pensions Regulatory Authority (NPRA).

FirstBanC is as an investment banking firm and it does not offer banking services to Fortiz or any other business. FirstBanC is licenced as a Fund Manager and not a Custodian of pension funds. Although FirstBanC is the Administrator of the Temporal Pension Fund Account (TPFA), which is a data management function, it does not manage any of the funds in the TPFA.

Management has presented the true facts to the public and would like to emphasis that, should the perpetrators continue with their deliberate misformation, it would be compelled to seek legal redress to protect the image of the company.

Issued by Management of FirstBanC Financial Services Limited Mrs. Kokui Adu (Managing Director)