Business News of 2013-12-20

Fortiz takes over Merchant Bank

The Fortiz Private Equity Fund Limited yesterday announced its takeover of Merchant Bank Ghana Limited.

A statement signed on behalf of the Directors of Fortiz Private Fund Limited by Mr Emmanuel Botchway, an official of Fortiz, assured the general public and the stakeholders of the fund’s commitment in achieving the objectives of the bank.

The statement said such a commitment included putting all human and capital resources necessary for success at the disposal of the bank.

According to the statement, Miss Nilla Selormey is the Managing Director designate.

It commended the customers and staff of the bank for their patience and support.

Background

The Accra High Court on Wednesday ruled that the Executive Director of the Centre for Freedom and Accuracy, Mr Andrew Awuni, had no capacity to bring the sale of Merchant Bank to Fortiz to court.

In its ruling, the court, presided by Mrs Justice Sophia Rosetta Benasko Essah, said Mr Awuni could not bring the case to court in his capacity as a citizen and also as a contributor to SSNIT.

She said if the application was granted, it would amount to equating every SSNIT contributor to a trustee or a board member of SSNIT, who were mandated by law to take decision concerning SSNIT

Lead Counsel for Andrew Awuni, in his challenge to the sale of Merchant Bank to Fortiz Private Equity Fund, said the dismissal of the case was not the end of the matter.