Blay Confirms His Son Put In Bid of $200M To Acquire SSNIT Hotels

Former national chairman of the New Patriotic Party (NPP), Freddie Worsemao Blay, has confirmed that his son of about 34-years, Kwaw Blay, indeed bided for the purchase of Social Security and National Insurance Trust (SSNIT) hotels.

According to Mr Blay, his son’s company, Spartan Ives Limited, offered up to $200 million to acquire the 60 percent stake in the hotels, but he was denied the opportunity by the Trust.

The board chair of Ghana National Petroleum Corporation (GNPC), however, did not disclose why his son, was not successful in his bid to acquire the properties after bidding with about 12 other companies.

Speaking on the issue in a recent interview, Mr Blay, tried to delink his son from criticisms that he is using his privileged position as his son to acquire state assets.

He explained that he does not intend to defend his son in the public space, because he is old enough to speak for himself.

He, however, indicated that his son offered $200 million through a consortium of banks.

“Am I answering questions for my son who is over 30. He is about 33 – 34. He is a grown involved in business I don’t answer questions for him. But that apart, my son if you care to know is not just involved in hotels he is involved in the tourism industry, he has no ownership he doesn’t relate to the SSNIT ownership of the hotels.

SSNIT offered to sell several hotels, he wanted the package, my son’s company, Spartan, applied alongside about 12 or so companies. He offered to buy it for over 150 to 200 million [USD dollars] with a syndicate of banks supporting him and a well brand protection which he offered. But of course, SSNIT decided that they would rather not give it to my son’s company and give it to another company”.

On concerns that politicians and politically exposed individuals often use their privileged position to acquire state properties, Mr Blay said the linkage does not make sense because the relationship between him and Kwaw is just father and son affair, adding that, he being a businessman should rather be the focus.

“It is not a question of politician. It is a company I am not talking about a politician. If a politician owns shares in a company, it doesn’t make the company a politician’s company.

My son is not a politician. He has shares in Spartan, I as a politician I am not the director, I don’t own anything. The only relationship he has with a politician is the father, who is a politician, which is normal. What is the advantage you are talking about? Let discuss it. Advantages because the name is Blay,

advantages because the name is Nkrumah, advantages because the name is JJ Rawlings then what are you talking about?” portions of his interview aired by TV3 said.

The sale of the hotels, including the La Palm Royal Resort and La Beach Hotel to Rock City owned by Mr Bryan Acheampong, has since triggered stiff opposition from Organized Labour and Member of Parliament (MP) for the North Tongu constituency, Samuel Okudzeto Ablakwa.

The former Member of Parliament (MP) for the Ellembele constituency, argued that his son who is accused of owning the beachfront of the La Beach hotel, is capable and did not just surface from nowhere.

According to the politician, Kwaw is a successful business man, who is involved in the Tourism Industry for a long while now.

The news of Mr Blay’s son involvement in the purchase of the hotels was first disclosed by the North Tongu MP, who has vehemently opposed the selling of the hotels to the Minister for Food and Agriculture, Bryan Acheampong.

The MP, who first leaked the sale of the hotels, had indicated former NPP Chairman’s son company, Spartan Ives Limited, was shortlisted.

“Apparently, Freddie Blay’s son, Kwaw has bigger plans for the Labadi Beach Hotel beyond controlling its lucrative beachfront. This latest information pointing to a spirited effort by Mr Kwaw Blay to purchase SSNIT’s hotels after his infamous beachfront encroachment is certainly bound to create fresh credibility crisis for that his sons have never been interested in capturing or owning SSNIT‘s hotel” his post read in parts last week.


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