Home / SSNIT reacts to Auditor-General’s report on non-performing investments

SSNIT reacts to Auditor-General’s report on non-performing investments

A recent Auditor General’s report has cited [ SSNIT ] company for a US$11 million loss from liquidations it carried out. The report indicated that SSNIT liquidated three companies with a total investment of US$14.7 million.

It said the company did not receive any returns from two of the companies for investments made since 2005.

“We noted from our review of investment files that, the Trust liquidated three companies with a total investment of US$14,768,153.00. The Trust had not received any returns from the companies for its investment for the past 15 years. The loss from the liquidations amounted to US$11,794,109”.

Meanwhile, [ SSNIT ] company discloses that, US$4.15 million had been recovered. “Of the US$11,794,109 indicated as loss through the liquidation of three companies, US$4.15 million has been recovered and efforts are still ongoing to make further recoveries of locked-up funds.”

According to [ SSNIT ] it invested US$6 million in Ningo Salt Limited in July 2005, but it has reduced that debt to US$1.3 million. Of the US$3.6 million put in Granite and Marbles Limited in July 1994, GH¢428,337.07 has been retrieved.

“That, of the US$11,794,109 indicated as loss through the liquidation of three companies, US$4.15 million has been recovered and efforts are still ongoing to make further recoveries of locked-up funds”.

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