By Frank Owusu-Ofori
Information reaching The Biz portal indicates that the two major stakeholders involved in the transaction and sale of the Merchant Bank to Fortiz PE are battle-ready to contest the case in court today.
The Bank of Ghana (BoG) and the Social Security and National Insurance Trust (SSNIT) who took the decision to dispose of the Merchant Bank, will this morning head for the Accra Commercial Court to make a case against the complaint and defend their position on the matter.
The lawyers for the Central Bank will be in court to move the motion to strike out the statement of claim brought against them by Mr Andrew Awuni, Executive Director for the Centre for Freedom and Accuracy.
Mr Awuni had withdrawn his earlier writ recently, challenging the sale of Merchant Bank to private equity fund, Fortiz.
He has now sued 13 institutions and persons, including the Social Security and National Insurance Trust, Fortiz, the Bank of Ghana, KPMG and all board members of Merchant who were at the centre of the sale.
He is praying the court to among other things, restrain these parties from completing further transactions.
Bank officials are tight-lipped to speak on the matter when this reporter contacted them last Saturday.
On the other hand, it appears the lawyers for SSNIT will also be in court to challenge the locus of Mr Awuni, since they believe he does not have the capacity to challenge the sale of Merchant Bank to Fortiz PE.
Coincidentally, this happens to be the same position that is held by the plaintiff, Mr Tony Lithur, who happens to be the counsel for Fortiz Equity Fund. Mr Lithur believes Mr Awuni as a contributor has no right to challenge the investment decision of the Social Security and National Insurance Trust (SSNIT), unless he was a trustee.
Meanwhile, the court presided over by her Ladyship Justice Sophia Bernasko Essah, is expected to give her final ruling on the Mr Lithur’s application challenging the capacity of Andrew Awuni to sue 13 other persons and institutions, for their roles in the sale of merchant Bank.
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