Kenya Airways (KQ) plane at Jomo Kenyatta International Airport (JKIA). Loss-making Kenya Airways (KQ) tops in Sh38.35 billion bailout unveiled yesterday to support struggling state-owned enterprises. Treasury is seeking parliamentary clearance to support KQ, Kenya Power and universities such as the University of Nairobi, which have been facing cash flow problems. If approved by Parliament, […]
Troubled Mumias Sugar Company has become the new battleground among the feuding billionaire Rai brothers after Jaswant Singh Rai, the chairman of Rai Group, joined other bidders to try to wrest a lucrative leasing contract from his younger sibling –Sarbi Singh Rai. The rift in the Rai family became public last year when a case […]
Tycoon Jaswant Rai. FILE PHOTO | NMG Billionaire Jaswant Rai lost a bid to lease ailing Mumias Sugar Company on account of his dominance in the sugar sector, the receiver manager has said. In his defence on why he awarded the lucrative tender to Uganda’s Sarrai Group, KCB’s receiver-manager Ponangipalli Rao says in court documents […]
Duty-free sugar is offloaded at the port of Mombasa from the Comesa region. The Naitiri sugar plant, belonging to Kenya’s Rai family, is set to start operations soon. PHOTO | FILE The family is set to start operations of the Naitiri Sugar plant as an extension of West Kenya Sugar Company, with a production capacity […]
Businessman Julius Mwale. [Courtesy] Forget getting bankrupt Mumias Sugar Company out of the intensive care unit – that will be the easier part for businessman Julius Mwale. In court documents, the flashy investor told the KCB Group-appointed receiver manager Pongangipalli Venkata Ramana Rao that if given the opportunity to lease the assets of the sugar […]
Airtel Kenya is surviving on a series of shareholder loans from its parent company, most of which it is unable to service, its financial filings show. Kenya’s second-biggest telco has revealed that the shareholder loans from its holding firm Bharti Airtel Kenya BV shot up to Ksh52.2 billion ($460.9 million) in the year ended December […]
An Airtel shop. Airtel Kenya is surviving on a series of shareholder loans from its parent company, records show. PHOTO | FILE | NMG Kenya’s second-biggest telco has revealed that the shareholder loans from its holding firm Bharti Airtel Kenya BV shot up in the year ended December 2020. These shareholder funds, Airtel said, are […]
Airtel Kenya is surviving on a series of shareholder loans from its parent company most of which it is unable to service, its financial filings show. Kenya’s second-biggest telco has revealed that the shareholder loans from its holding firm Bharti Airtel Kenya BV shot up to Sh52.2 billion in the year ended December 2020 from […]
The battle over the Mumias Sugar Limited (MSC) lease award to a Uganda based firm has taken a new twist after another firm sued for contempt of court. The legal fights have deepened with a new application to jail Sarrai Group directors and the receiver-manager Ponangipalli Venkata Ramana Rao. This happened after Sarrai asked the […]
Mumias Sugar Company. [Nathan Ochunge, Standard] The closure and scaling down of large companies operating in western Kenya as well as constrained power supply to the region has over the last decade resulted in a sharp drop in power consumption. State-owned sugar millers and the Panpaper mills are among the companies that have either shut […]
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