North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, has released additional documents to support his argument that the proposed sale of four state-owned hotels to a current cabinet minister was unfavorable.
Ablakwa, in his latest statement regarding the matter, shared an internal memorandum exchanged between the state-owned pension organization, SSNIT, and Rock City Hotels Limited, owned by Agriculture Minister Bryan Acheampong.
The document titled “SSNIT-ROCK CITY GROUP SALE OF STAKE IN SSNIT HOTELS NEGOTIATION” gave an agreed position of sale for each of the hotels in question – i.e. Labadi Beach Hotel, La Palm Royal, Ridge Royal and Elmina Beach Resort.
According to SSNIT’s assessment, the total value of the four hotels amounted to more than US$121 million, whereas Rock City’s proposal was for US$61.2 million.
In an extensive post discussing the transaction shared on various social media channels on June 3rd, Ablakwa stated:
“The SSNIT memos in my possession reveal that SSNIT’s objective expectations based on valuation reports of 60% stake in the 4 hotels (Labadi, La Palm, Ridge Royal & Elmina) ranges from a minimum value of US$80,406,630.00 to a maximum of US$121,315,643.00.
“From the intercepted memos, Hon. Bryan Acheampong’s Rock City offer fell far below the minimum value of the 4 hotels. Hon. Bryan Acheampong’s below par bid was US$61,200,000.00,” he added.
He highlighted the considerable losses SSNIT would incur if they proceeded to accept the Rock City proposal.
Ablakwa was the initial individual to disclose the intended sale of SSNIT’s shares in the mentioned hotels and has subsequently presented evidence to demonstrate that the agreement was detrimental to the state’s interests and, in particular, to pensioners.
Additionally, he has lodged a complaint with CHRAJ to investigate potential conflicts of interest regarding the minister’s involvement with Rock City and his dual roles as a minister and Member of Parliament.
Read Ablakwa’s full post below:
Intercepted memos from SSNIT on Hon. Bryan Acheampong’s Rock City offer for the purchase of SSNIT’s hotels confirm that but for my timely intervention in exposing the deal, Ghanaian workers would have been terribly shortchanged as the transaction does not guarantee value for money.
The SSNIT memos in my possession reveal that SSNIT’s objective expectations based on valuation reports of 60% stake in the 4 hotels (Labadi, La Palm, Ridge Royal & Elmina) ranges from a minimum value of US$80,406,630.00 to a maximum of US$121,315,643.00.
From the intercepted memos, Hon. Bryan Acheampong’s Rock City offer fell far below the minimum value of the 4 hotels. Hon. Bryan Acheampong’s below par bid was US$61,200,000.00.
Considering that SSNIT’s own minimum value based on expert advice was pegged at US$80,406,630.00, the Hon. Bryan Acheampong/Rock City offer did not meet this minimum threshold by as much as US$19,206,630.00.
When compared to the upper limit, Hon. Bryan Acheampong’s offer fell short by a staggering US$60,115,643.00
It is instructive to discover that whereas SSNIT’s minimum offer for La Palm Royal Hotel is US$37,897,200.00, Hon. Bryan Acheampong merely offered US$21,000,000.00 (a significant variance of US$16,897,200.00).
In the case of Elmina Beach Resort, SSNIT was advised to go for a minimum of US$4,709,430.00, however, Hon. Bryan Acheampong offered a paltry US$2,400,000.00.
Analysts are fascinated by how the Hon. Bryan Acheampong/Rock City bids for Labadi Beach Hotel and Ridge Royal were exactly the same figures for SSNIT’s minimum expectations, raising suspicions about possible insider dealings and a rigged process.
These intercepted memos once again expose the deceptive and bogus claims by unpatriotic NPP propagandists and their surrogates that Hon. Bryan Acheampong offered a fair price and that his bid is the best for Ghana.
The clearest indication yet that these hotels were just being opaquely packaged for cheap on the blind side of Ghanaians to satisfy an obscene state capture agenda.
Our agitations must continue unabated, ahead of the June 18 demonstration, since President Akufo-Addo contemptuously refuses to instruct his marauding appointees to take their hands off our hotels.
We shall not be silent and lose these strategic national assets like the way we were taken by surprise with Mr. Kwaw Worsemao Blay now claiming to own the Labadi Hotel beachfront.
I shall be back with more.