Business News of 2014-01-06

Parliament to debate Merchant bank sale today

Parliament is expected to convene an emergency sitting today over the sale of Merchant Bank to Fortiz private equity fund.
The deal created huge controversy which forced policy Think Tank, Centre for Freedom and Accuracy to drag the parties involved to court.
More than 80 MPs, led by the Deputy Minority Leader, Dominic Nitiwul, signed the motion to demand the parliamentary inquiry.
Speaking to Citi News, Mr. Nitiwul explained that Parliament is seeking some clarifications regarding the deal.
He mentioned that Parliament does not have any information about the transaction and since sections of the public have expressed their dissatisfaction with the deal coupled with initial calls for the suspension of the deal by some board members of Merchant Bank, it is imperative for legislatures to investigate the matter.
According to him, “there are too many questions that need to be answered” therefore Parliament will seek the answers on behalf of the general public.
Meanwhile, Fortiz Private Equity Fund Limited says it has officially taken over operations of Merchant Bank Ghana Limited.
The consortium says it is now the legal and registered owner of 90 per cent shares of Merchant Bank.
But Mr. Nitiwul pointed out that the rush even means there is something to hide.
He described as unfortunate, the decision by the Bank of Ghana to issue the final certificate to the management of Fortiz although the bank was aware Parliament was scheduled to debate the matter.
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