NPRA directs SSNIT to suspend Hotel sale negotiations with Rock City

The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to suspend its negotiations with Rock City Limited over the sale of four hotels: Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.

Citing section 67 (2) of the National Pensions Act, the NPRA emphasized the need for proper investment guidelines.

The NPRA is currently consulting with the Minister for Pensions and relevant stakeholders and will issue further directives after evaluating the matter.