The Social Security and National Insurance Trust (SSNIT) has officially terminated the process of divesting 60% of its shares in four hotels.
This decision comes after significant pressure from Organised Labour, which threatened a nationwide industrial strike starting Monday, July 15, if SSNIT did not cancel the contentious sale. Labour leaders had instructed their members to abstain from work should SSNIT proceed with the sale.
In a statement issued on July 12, the SSNIT Board reassured pensioners, contributors, and the public of its dedication to managing the Trust’s assets prudently to ensure 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,” the statement read.
In a related announcement, Rock City Hotel, in a letter dated July 12, declared its decision to withdraw its bid to purchase the 60% shares of the four hotels.
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