NPRA halts SSNIT’s hotel sale negotiations with Rock City
The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to suspend its ongoing negotiations with Rock City Limited concerning the divestment of four hotels.
The assets in question are the Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.
In a directive issued on June 28, the NPRA invoked Section 67(2) of the National Pensions Act, emphasizing its authority to provide guidelines on investment decisions.
“As you may be aware, section 67 (2) of the Act requires us to issue relevant guidelines to guide your investment decisions,” the letter stated.
Consequently, the NPRA Board has ordered the cessation of all activities related to engaging Rock City Limited as the Strategic Investor for these properties.
This intervention underscores the regulatory body’s oversight responsibilities and the importance of adhering to stipulated investment protocols.
The NPRA further disclosed that it is currently consulting with the Minister for Pensions and other pertinent stakeholders.
The outcome of these discussions, along with an evaluation of the relevant details, will inform subsequent directives.
“Further directives shall be issued to you on the subject matter as soon as we conclude our engagements and the evaluation of the relevant facts associated with the subject matter,” the NPRA added.
