The Board and Management of the Social Security and National Insurance Trust (SSNIT) have decided to terminate the sale of 60% of their shares in four hotels. This decision comes after significant pressure from Organised Labour, who threatened a nationwide industrial strike starting Monday, July 15, unless the controversial sale was halted.
In response to the mounting agitation, SSNIT issued a statement on July 12, reassuring pensioners, contributors, and the public of their dedication to managing the Trust’s affairs 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 development, Rock City Hotel, which had shown interest in acquiring the 60% shares, announced in a letter dated July 12, that it has decided to withdraw its bid to purchase the shares.
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