Private equity firm, Fortiz has described as unfortunate the brouhaha about 90 million cedis acquisition of Merchant Bank.

In a statement released by the firm’s directors Friday, Fortiz accused critics of misrepresenting and misinterpreting facts.

The deal which is now a subject of legal tussle has been approved by the Bank of Ghana although due diligence is yet to be conducted, according to Merchant Bank’s majority shareholder, SSNIT.

The Minority in Parliament is calling for an immediate abrogation of the transaction alleging fraud.

But Fortiz says it will address the issues raised by it critics in due course to set the records straight.

Below is the full statement

 

FORTIZ TO ADDRESS CONCERNS OVER MERCHANT BANK GHANA LIMITED

 NOVEMBER 22, 2013.

FORTIZ EQUITY FUND LIMITED WISHES TO ASSURE THE VALUED CUSTOMERS AND OTHER STAKEHOLDERS OF MERCHANT BANK LIMITED THAT WE HAVE TAKEN NOTE OF ALL THE VARIOUS COMMENTS AND CONCERNS EXPRESSED OVER  OUR  ACQUISITION OF SHARES IN MERCHANT BANK.

FORTIZ CONSIDERS UNFORTUNATE THAT SUCH A NORMAL TRANSACTION BETWEEN A PRIVATE GHANAIAN COMPANY AND SSNIT/ SIC-LIFE SHOULD ATTRACT SUCH LEVELS OF MISREPRESENTATION AND MISINTERPRETATION OF AVAILABLE FACTS.

IN ACCORD WITH, AND IN RESPECTING NORMAL PROCEDURAL ISSUES RELATED TO ALL SUCH TRANSACTIONS, FORTIZ WILL, IN THE NEXT FEW DAYS, ADDRESS THE OBVIOUS MISUNDERSTANDINGS AND MISREPRESENTATIONS PRESENTED SO FAR.

ISSUED BY: DIRECTORS OF FORTIZ