SSNIT hasn’t received payment from strategic investor for four hotels, says source

The Social Security and National Insurance Trust (SSNIT) has said the process of getting a strategic investor is in its final stages and therefore not yet concluded

The Social Security and National Insurance Trust (SSNIT) has not received any payment from the investors who bid for the 60% stake in four of its hotels, a source has told

Reports claim that the investors in the four SSNIT hotels has only paid a deposit upfront with the balance being covered with the operating revenues from running the hotels.

However, the source said that claim is completely false as negotiations are still ongoing.

A statement issued by SSNIT on Sunday (19 May), said the process of getting a strategic investor is in its final stages and therefore not yet concluded.

This means that the financial transactions for the investment in these hotels have not taken place as SSNIT is still in negotiations with the investor.

The Trust is seeking to partner a strategic investor to raise capital to invest in the hotels, and also assist in their management.

Read the full statement from SSNIT below:

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