Merchant Bank Sale, Awuni Loses Round 2

Mr Andrew AwuniAn Accra Commercial Court has again held that Mr. Andrew Awuni does not have the capacity to challenge the sale of Merchant Bank to Fortiz Equity Fund.

The ruling was on an application filed by the Bank of Ghana (BoG) in December last year against Mr. Awuni’s suit.

The court presided over by Sophia Bernasko Essah yesterday ruled that per the earlier ruling of the court on Mr. Tony Lithur’s application on the same matter, Mr. Awuni has no writ before the court.

She further stated that the court on the earlier application made it clear that Mr. Awuni had no capacity to bring up a case against the investment decision made by the Social Security and National Insurance Trust (SSNIT).

This is the second time the court is ruling on a similar application challenging the capacity of Mr. Awuni, the Executive Director of the Centre for Freedom and Accuracy (CFA) to halt the sale of Merchant Bank.

The court will again rule on two similar applications by the Merchant Bank and SSNIT on the same matter on January 27.

Meanwhile the lead counsel for Mr. Awuni, Egbert Faibile said his client is not satisfied with the ruling and was processing document for an appeal soon.

Mr. Lithur, in December, filed an application asking the court to dismiss the writ brought before it by Mr. Awuni to reverse the sale of Merchant Bank.

His application stated that Mr. Awuni did not have the capacity to challenge the sale in court though he was a contributor to SSNIT.

Mr. Lithur’s application was in response to the suit filed by Mr. Awuni against 13 institutions and persons at the centre of the deal earlier in November

In the court’s ruling over Mr. Lithur’s application, it stated categorically that as a sole contributor to SSNIT, Mr. Awuni was not permitted by the Pension Act 766 and Article 296 of the Constitution to challenge the sale of the bank.

The court further stated that Mr. Awuni was restricted by law to seek redress only on matters pertaining to his SSNIT contributions and not management decisions.

Mr. Awuni had on November 15 filed a writ at the Accra Fast Track Court to reverse the deal which he described on several media platform as fraudulent and did not show value for money. By Charles Amankwa.

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