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Fortiz Fund to address concerns over Merchant Bank takeover

Fortiz Fund to address concerns over Merchant Bank takeover
The Fortiz Equity Fund Limited says it has taken notice of the concerns of the public about its takeover of the Merchant Bank and given the assurance it will address them. 

In a statement issued by the directors of the fund in Accra today, the fund also assured the staff and other stakeholders of the bank of their resolve to improve the fortunes of the bank in the coming months.
"Fortiz considers as unfortunate that such a normal transaction between a Ghanaian company and SSNIT/SIC Life should attract such levels of misrepresentation and misinterpretation.
“In accord with and in respecting normal procedural issues related to all such transactions, Fortiz will, in the next few days, address the obvious misunderstanding and misinterpretations so far," the statement said.
Fortiz Fund acquired some 90 per cent of Merchant Bank's stake, which was initially owned by the Social Security and National Insurance Trust and the SIC Financial Services.
The takeover, which was said to have cost Ghc90 million, has, however, generated some controversy with some calling for its abrogation.
Such reactions, the fund said, were unfortunate.

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