Merbank-Fortiz Saga: Kufuor, Mpianim did not betrayed NPP - MP

Before owners of Fortiz Equity took over Merchant Bank for GHc90 million for 90 percent shares, members of the New Patriotic Party found it extremely intriguing that government could turn down bids from multinational companies which offered a higher sum for a lower percentage of shares.

The sale of the bank developed into a running debate and majority of NPP MP’s raucously voiced their opinion about it.

They raised several points, but their centralized message was that the sale of Merchant Bank to Private Equity Fund, Fortiz, was simply a fraudulent deal.

The issue, however, took a new twist when former President Kufuor and former Chief of Staff, Kojo Mpianim, graced the official rebranding exercise of Merchant Bank. Some members of the NPP have described the move by their former leader and his Chief of Staff as an act of betrayal.

But the Member of Parliament for Bekwai, Joe Osei Owusu, has jumped to the defense of ex-president Kufuor and Mr. Mpianim, insisting that they did no wrong by attending the rebranding event.

He explained that the exercise was neither a political activity nor an NDC affair and this shreds the notion that Mr. Kufuor and Mpianim have betrayed the NPP.

In an interview with Okay FM, he added that as at now, it is a mere allegation that Fortiz Equity belongs to NDC kingpins.

He emphasized that the NPP’s objection to the sale of Merchant Bank to Fortiz Equity remains intact, and they would still demand answers from SSNIT as to why they allowed the sale to go through.