Mumias sugarcane farmers protest at Ekero area where were urging an investor who was in plans to revive Mumias Sugar Factory to continue with the plans but involve them as stake holders. A farmers’ lobby group has moved to court to challenge the intended lease of Mumias Sugar Company Limited . Gikwamba Farmers’ Cooperative Society […]
[ Courtesy ] The court has ordered Dyer and Blair Investment Bank to sell shares belonging to suspects in a Sh1 billion air ticket fraud. After the sale of shares, High Court Judge David Majanja ordered that the proceeds be transferred to Mercantile Insurance Company which is said to have lost Sh1 billion through the […]
The main entrance to Mumias Sugar Company.[Benjamin Sakwa,Standard] The fight for Mumias Sugar Company Ltd’s (MSCL) assets worth billions of shillings has taken a new twist after some creditors opposed the plan to lease the miller. The creditors also disowned the receiver-manager Ramana Rao. The miller is currently under receivership. In a statement yesterday, the […]
Safaricom Chief Executive Officer Peter Ndegwa. [Wilberforce Okwiri,Standard] Mobile phone operator Safaricom is indisputably the most profitable company in Eastern and Central Africa. No company comes close to the telco, which recently made an incursion into Ethiopia after Addis Ababa liberalised its telecommunications sector. Yet, Safaricom’s dominance does not end in the goods and services […]
Auditor-General questions how the Government Investment and Public Enterprises Management department that oversights corporations has been playing its oversight role. Government’s ability to collect over Sh28 billion in loans advanced to various parastatals appears in doubt, with some loans outstanding for years. This is even as the government makes little effort in loan recovery with […]
Mumias sugarcane farmers protest at the Ekero area where were urging an investor who was in plans to revive Mumias sugar factory to continue with the plans but involve them as stakeholders. [Benjamin Sakwa, Standard] With the ongoing tussle over the leasing of assets of Mumias Sugar Company, the sugar industry is in the news […]
The government has suspended Bungoma’s Nzoia Sugar Company MD Wanjala Makokha for three months over corruption allegations. The suspension was announced by Lawrence Omuhaka, the CAS for Agriculture who revealed that the decision was arrived at by the state in a bid to restructure the company. Makokha has been replaced by Chrispinus Omondi who is […]
Devki Group founder and CEO Narendra Raval. FILE PHOTO | NMG Steel billionaire Narendra Raval has withdrawn his bid in leasing ailing Mumias Sugar Company, dealing a blow to the revival of the miller that has not been in production for over two years. Mr Raval, who was planning to inject Sh5 billion to modernise […]
KCB Group #ticker:KCB has been barred from selling any movable assets of indebted Mumias Sugar amid creditors’ fears that the lender look set to dispose of some properties to recover Sh545 million loan Justice Alfred Mabeya restrained KCB receiver—Pongangipalli Venkata Ramana Rao—from selling part of Mumias Sugar following a court petition from 100 creditors owed […]
Narendra Raval, chairman, Devki Group of Companies during an interview at his Ruiru office on April 19, 2021. PHOTO | DIANA NGILA | NMG Steel tycoon Narendra Raval is seeking to revive Mumias Sugar through a leasing deal that seeks to save the once top miller. Mr Raval, who founded Kenyan steel and cement manufacturer […]
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