The
Board
and
Management
of
Social
Security
and
National
Insurance
Trust
(SSNIT)
have
terminated
the
process
to
divest
60%
of
its
stake
in
four
hotels.
This
follows
agitations
and
pressure
by
the
Organised
Labour
to
embark
on
a
nationwide
industrial
strike
on
Monday
July
15.
They
directed
their
members
to
stay
away
from
work
if
SSNIT
fails
to
cancel
the
controversial
hotel
sale.
In
a
statement
dated
July
12,
the
Board
of
SSNIT
assured
pensioners,
contributors
and
the
public
of
its
commitment
to
managing
the
affairs
of
the
Trust
prudently
for
the
sustainability
of
the
Pension
Scheme.
“The
Board
and
Management
of
Social
Security
and
National
Insurance
Trust
(SSNIT)
wish
to
inform
the
public
that
the
process
to
divest
60%
of
SSNIT’s
stake
in
the
hotels
has
been
terminated.
“We
wish
to
assure
pensioners,
contributors
and
the
public
of
our
commitment
to
managing
the
affairs
of
the
Trust
prudently
for
the
sustainability
of
the
Pension
Scheme.”
In
a
related
development,
Rock
City
Hotel,
in
a
letter
dated
July
12,
announced
its
decision
to
withdraw
its
bid
to
purchase
the
60%
shares
of
the
four
hotels.
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