{"id":27306,"date":"2021-08-12T16:05:04","date_gmt":"2021-08-12T16:05:04","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=27306"},"modified":"2021-08-12T16:05:04","modified_gmt":"2021-08-12T16:05:04","slug":"ssnit-loses-us11m-after-liquidating-three-companies-report","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=27306","title":{"rendered":"SSNIT loses US$11M after liquidating three companies \u2013 Report"},"content":{"rendered":"\n<p>The Social Security and National Insurance Trust, SSNIT, has lost over US$ 11 million due to the liquidation of three companies.<\/p>\n\n\n\n<p>The Auditor-General\u2019s report for the period ended 31 December 2020 found that SSNIT liquidated three companies with a total investment of&nbsp; US$14.7 million.<\/p>\n\n\n\n<p>According to the report, SSNIT did not receive any returns from two of the companies for investments made since 2005.<\/p>\n\n\n\n<p>\u201cWe 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\u201d, the report said.<\/p>\n\n\n\n<p>According to the audit report, management of SSNIT inherited a lot of non-performing legacy investments and efforts have been made to ensure that SSNIT gets the best deal when liquidations are evoked.<\/p>\n\n\n\n<p>Liquidation of these companies led to a loss of US$11,794,109 of the Trust\u2019s resources which could have been used to improve the pension\u2019s funds, the reported noted.<\/p>\n\n\n\n<p>The Auditor-General has thus urged the management of SSNIT to \u201cinvestigate the non-performance of the investments with the aim of ensuring value for money and ensure that effective feasibility studies are carried out before investing\u201d.<\/p>\n\n\n\n<p>Also, management has been asked to ensure that officers whose actions have led to the loss are appropriately sanctioned.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Companies in question<\/strong><\/h4>\n\n\n\n<p>In the case of Ningo Salt Limited (NSL), the amount lost by SSNIT reduced from the stated US$6.08 million to US$1.93 million. The loan of US$4.15 million was granted through Ecobank Ghana Limited. Ecobank has fully repaid SSNIT with interest.<\/p>\n\n\n\n<p>On Granite and Marbles Limited, SSNIT managed to retrieve its unpaid Social Security Contributions of GH\u00a2428,337.07. All the loans were converted to equity prior to the liquidation.<\/p>\n\n\n\n<p>Canada Investment Fund for Africa (CIFA) has been under liquidation since 2015. As per the Fund Manager\u2019s 2019 report to shareholders, the liquidation process is yet to be concluded.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"521\" height=\"487\" src=\"https:\/\/www.kumasionlinegh.com\/wp-content\/uploads\/2021\/08\/SSNIT-Audit.png\" alt=\"\" class=\"wp-image-27309\" srcset=\"https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2021\/08\/SSNIT-Audit.png 521w, https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2021\/08\/SSNIT-Audit-321x300.png 321w\" sizes=\"auto, (max-width: 521px) 100vw, 521px\" \/><\/figure>\n\n\n\n<p>In furtherance, SSNIT recorded a deficit of GH\u00a2427 million in the 2019 financial year, as compared to a deficit of GH\u00a2442 million registered in 2018.<\/p>\n\n\n\n<p>This represents a 6.8% increase in the Trust\u2019s financial performance over the period.<\/p>\n\n\n\n<p>Source :citinewsroom.com<\/p>\n\n\n\n<p><strong>Send your news stories to&nbsp;<a href=\"mailto:dannyboy744@gmail.com\">dannyboy744@gmail.com<\/a>&nbsp;and via WhatsApp on +233 266777777<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Social Security and National Insurance Trust, SSNIT, has lost over US$ 11 million due to the liquidation of three companies. The Auditor-General\u2019s report for the period ended 31 December 2020 found that SSNIT liquidated three companies with a total investment of&nbsp; US$14.7 million. According to the report, SSNIT did not receive any returns from [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":27307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[944],"tags":[],"class_list":["post-27306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SSNIT loses US$11M after liquidating three companies \u2013 Report - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=27306\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SSNIT loses US$11M after liquidating three companies \u2013 Report - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"The Social Security and National Insurance Trust, SSNIT, has lost over US$ 11 million due to the liquidation of three companies. The Auditor-General\u2019s report for the period ended 31 December 2020 found that SSNIT liquidated three companies with a total investment of&nbsp; US$14.7 million. 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