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The Social Security and National Insurance Trust (SSNIT) Board and Management have decided to stop the process of divesting 60% of their stake in four hotels. This decision comes after Organised Labour threatened a nationwide industrial strike set for Monday, July 15. The labor group had instructed its members to refrain from work if SSNIT did not cancel the contentious hotel sale.
In a statement dated July 12, SSNIT assured pensioners, contributors, and the general public of their dedication to managing the Trust’s affairs responsibly 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,” the statement read. “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.”
Additionally, Rock City Hotel, in a letter also dated July 12, announced its decision to withdraw its bid to purchase the 60% shares in the four hotels.
