Mumias Sugar receiver manager Ponangipalli Venkata Ramana Rao. PHOTO | DIANA NGILA | NMG The High Court on Thursday cancelled a 20-year-lease awarded to Uganda-based Sarrai Group to manage Mumias Sugar Company , delaying plans to revive the ailing miller that was placed under administration. Justice Alfred Mabeya froze the Sarrai Group deal on grounds […]
In recent years, one of the questions that has divided financial regulators is how frequent publicly listed companies should disclose their earnings to investors. Now there are two camps in this debate. The first are those who believe that the high frequency of disclosures keeps executives accountable by influencing them to make better decisions and […]
An employee makes notes in front of an electronic stock information screen inside the Nairobi Securities Exchange Ltd. (NSE), in Nairobi, Kenya, on Tuesday, December 8, 2015. [Riccardo Gangale, Bloomberg] The government’s income from profits and dividends in listed companies fell to Sh45 billion in the 2020/2021 financial year , a 37 per cent drop […]
Entrance gate at Mumias sugar company. PHOTO | ISAAC WALE | NMG The High Court in Kenya has cancelled a 20-year-lease awarded to Uganda-based Sarrai Group to manage Mumias Sugar Company. Justice Alfred Mabeya cancelled Sarrai Group’s lease on grounds it would benefit KCB and ignore the interests of Mumias shareholders and other lenders, noting […]
Nairobi — The High Court has ordered the immediate removal of Ramana Rao as the Mumias Sugar Company receiver manager. In his ruling, Justice Alfred Mabeya found and held that Rao had not acted according to the order of the court issued on November 19, 2021. The judge further said that the receiver/cum administrator ought […]
Nairobi — The High Court has ordered the immediate removal of Ramana Rao as the Mumias Sugar Company receiver-manager. In his ruling, Justice Alfred Mabeya found and held that Rao had not acted according to the order of the court issued on November 19, 2021. The judge further said that the receiver/cum administrator ought to […]
Mumias Sugar receiver-manager Ponangipalli Venkata Ramana Rao during a May 2020 briefing. FILE PHOTO | NMG The name Ponangipalli Venkata Ramana Rao had become synonymous with ailing miller Mumias Sugar Company . He was appointed by KCB Group as the receiver-manager of Mumias Sugar in 2019 after the miller failed to pay its debt running […]
Mumias Sugar company [Photo/Courtesy] The future of troubled Mumias Sugar Company hangs in the balance with numerous legal battles challenging its leasing to a private entity. Amid the protracted dispute over the miller’s take over, money laundering and tax evasion allegations have surfaced, further revealing intrigues behind attempts by various firms to control assets of […]
Nairobi — Orange Democratic Movement (ODM) Leader Raila Odinga has pointed an accusing finger at Deputy President William Ruto for using public funds to campaign across the country. Odinga while campaign in Shinyalu, Kakamega in his day three tour in Western Kenya stated that Ruto should shun hypocrisy by claiming that money set aside for […]
Odinga while campaign in Shinyalu, Kakamega in his day three tour in Western Kenya stated that Ruto should shun hypocrisy. /COURTESY NAIROBI, Kenya, Mar 27 – Orange Democratic Movement (ODM) Leader Raila Odinga has pointed an accusing finger at Deputy President William Ruto for using public funds to campaign across the country. Odinga while campaign […]
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