NSSA asserts rights over Capital Bank

NSSA asserts rights over Capital Bank
Published: 28 September 2017
THE National Social Security Authority (NSSA) this week asserted its rights over Capital Bank, formerly ReNaissance Merchant Bank, which is now in liquidation and has been the subject of litigation by former shareholders.

This follows a High Court ruling last week, which nullified transactions made by three former Renaissance Financial Holdings Limited directors after they were fired in 2012. One of the transactions related to the takeover of ReNaissance by NSSA. Capital Bank's licence was cancelled in June 2014, ending its two-year existence.

"NSSA notes the recent media reports concerning the purported ‘effective' nullification of its acquisition of a majority shareholding in the now defunct Capital Banking Corporation Limited in proceedings before the High Court. NSSA disputes the inferred effect of nullification," the public pension fund said in a statement.

"In addition, the public is advised that the Authority was never a party to these proceedings, nor indeed are the several other creditors who were involved in, and were signatories to, the agreements and transactions leading to NSSA's acquisition of the said shareholding in the bank."

"There is not in existence any Court Order or pending legal proceedings to set aside these agreements and transactions, or indeed holding them to be unlawful," NSSA added. "The necessary steps are being taken for NSSA to assert its legitimate right and ownership of its interests in Capital Bank."

- fingaz
Tags: NSSA,


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