Bryan Acheampong should stay away from SNNIT assets

Bryan Acheampong should stay away from SNNIT assets

Lawyer Ralph Agyapong, a member of the New Patriotic Party (NPP), conducted a radio legal masterclass on sections of the Companies Act and company registration processes.

Ralph, brother of Assin Central Member of Parliament, Kennedy Agyapong, was reacting to the recent issues surrounding the planned disinvestment of hotels belonging to the Social Security and National Insurance Fund (SSNIT).

SSNIT’s decision to sell its shares in four hotels to an entity owned by Agriculture Minister Bryan Acheampong has dominated news headlines this week.

According to Ralph, as long as Acheampong remained a director of Rock City Hotels Limited, it was legally problematic to try to purchase such shares if he remained a director of the company and a minister at the same time.

He highlighted that beyond the politicization of the issues, the issues of conflict of interest were justified because it did not need to be real but could be perceived.

“Legally I didn’t need to buy it. Now there is the question of whether the sale got parliamentary approval and whether the TUC was involved in the sale.”

“For the benefit of law students, as a registered director with the Registrar General, you and the designated person will be called when an issue arises because a minimum of two directors are needed to register a limited liability company.

“In law, you (as a director) are regarded as a guiding mind of business interests,” he explained, stating that the minister’s continued appointment as director was to be repealed once he assumed public office.

“Joe Ghartey and Godfred Dame are well versed in these basic corporate law issues and should educate PNP communicators,” he stressed in an interview on Okay FM on May 23.

Documents reviewed by GhanaWeb show that the minister remains a director of Rock City although he explains that he has no direct role in the day-to-day management of the business.

The SSNIT-Rock City saga was first published by North Tongu MP Samuel Okudzeto Ablakwa who alleged cases of conflict of interest and undervaluation among other offences.

SSNIT has insisted that the transaction was legitimate and the minister has insisted that nothing untoward occurred.