Organised labour for court over Merchant Bank-Fortiz deal

Organised labour is considering legal action to ensure transparency and accountability in the sale of Merchant Bank to Fortiz Private Equity Fund.

Following its call for the suspension of the sale of Merchant Bank, organised labour wrote to the Bank of Ghana (BoG) and the Social Security and National Insurance Trust (SSNIT) for engagement on the issue.

But a statement signed by the Secretary-General of the Trades Union Congress, Mr Kofi Asamoah, said organised labour found the “responses from both Bank of Ghana and SSNIT that they cannot engage with us because the matter is in court unsatisfactory and unacceptable”.

It said the decision to go to court followed a meeting last Tuesday to discuss the sale of the bank where the meeting discussed extensively all options including legal action.

Speaking to an Accra-based radio station, Joy FM, Mr Asamoah said although organised labour was part of the SSNIT board that approved  the sale of Merchant Bank, the fresh disclosures that organised labour has uncovered made it difficult for the TUC to stand by the sale.

Although he would not disclose the details of the fresh evidence uncovered, Mr Asamoah stated that the information could reverse the sale of Merchant Bank.

“We are not going to disclose the content of our information now but we have made plans to file a suit at the Accra Fast Track Court to reverse the sale because we think something went wrong,” he said. 

According to him, the decision to head to court was also reinforced by the fact that both the Bank of Ghana and SSNIT were not ready to meet organised labour to discuss concerns raised against the sale.