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Fortiz Can Answer Questions Over Where Millions of Second Tier Pensions May Be Held

A year ago there were serious allegations by many financial analysts that funds used by Fortiz for the purchase of Merchant Bank, now Universal Merchant Bank were made available to them by the Bank of Ghana via the Temporary Pension Fund Account (TPFA) or the Tier 2 Pension funds, being held at the Central Bank.

The allegations become serious in view of the fact that one Mawuli Hedo, a director of Fortiz, was also a director at First Banc, the Scheme Administrators of the Temporary Pension Fund Account.  First Banc was appointed to be the Administrators of the TPFA, with Bank of Ghana serving as the Custodial Bank. [Read More…]


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