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18.12.2013 Special Report

Breaking News: Court Stops Awuni Over Merchant Bank/Fortiz Deal

By RadioXYZOnline
Breaking News: Court Stops Awuni Over Merchant BankFortiz Deal
18.12.2013 LISTEN

A commercial Court has ruled that anti-graft campaigner Andy Awuni lacks the locus to sue against the sale of Merchant Bank Ghana to Fortiz private Equity Fund.


Lawyer for Fortiz, Tony Lithur argued in Court that Mr Awuni could not take the action he took.

The Court upheld Lithur's argument.

Counsel for Awuni, Egbert Faibille Jr., says they will appeal against the ruling.

Fortiz is acquiring a 90% stake of Merchant Bank for Ghc90 million.

The Fund was chosen over an earlier offer of Ghc199 million for 75% shares by South Africa's FirstRand.

Awuni has described the sale as a "dash".

Organised labour, led by the Trades Union Congress recently kicked against the sale.

The sale of Merchant Bank has been shrouded in controversy over the past few months.

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