The National Pensions Regulatory Authority (NPRA) has instructed the Social Security and National Insurance Trust (SSNIT) to halt its current negotiations with Rock City regarding the sale of four hotels.
SSNIT has been in discussions with Rock City Limited as the Strategic Investor for the sale of its four hotels: Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.
In a letter sent to SSNIT on Friday, June 28, the NPRA stated,“As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment decisions.”
“In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel as the Strategic Investor in a matter of the sale of the above hotels,” the letter further directed.
The NPRA also mentioned that it is consulting with the Minister for Pensions and other pertinent stakeholders regarding the issue.
“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,” it added.
Read the full statement below:
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 has instructed the Social Security and National Insurance Trust (SSNIT) to halt its current negotiations with Rock City regarding the sale of four hotels.){kind=link}