June 14, 2024

Billionaire sugar investor Rai responds on shutting down operations in Kenya after recent abduction

3 min read
Billionnaire sugar investor Rai responds on shutting down operations in Kenya after recent abduction

Rai Group dismisses claims of shutting down operations in Kenya following run-ins with Ruto administration

Rai Group dismisses claims of shutting down operations in Kenya following run-ins with Ruto administration.

Jaswant Rai, a billionaire businessman, has denied rumors that his company, the Rai Group of Companies, is leaving the Kenyan market.

The management described the assertions in a statement dated Monday as “misinformation bordering on unhelpful propaganda coming at this time of severe economic challenges”.

Rai company assured all its customers, farmers, employees, and partners that it was not moving its business out of the country.

“The Rai Group is cognisant of its contribution to the economic growth of the Kenyan economy through job creation and, more importantly, through the production of high-quality goods and the provision of services that circulate and are consumed both locally and internationally,” read part of the statement.

The company noted that it’s working with the government at all levels to ensure compliance and ensure that it achieves all its goals. 

The corporate management also emphasized that it was committed to upholding both the legal and regulatory requirements established by the government and high standards of service delivery.

According to earlier reports, the billionaire was closing down his business empire in Kenya and relocating to an unnamed country.

The reports originally surfaced on Saturday  and spread on social media platforms through to Sunday. 

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The news sent shock waves among a section of Kenyans who noted that thousands would be sacked while farmers would lose the market for their sugarcane. 

Millers owned by the billionaire control over 40 per cent of the market. 

The billionaire also has investments in timber and the cooking oil business. 

The billionaire has been in the limelight recently following his abduction in unclear circumstances with government yet to issue update on the same.

Rai was allegedly abducted by unidentified people in Kilimani in August and released two days later.

President William Ruto had made comments believed to be directed at billionaire Jaswant Singh Rai. 

The head of state warned sugar cartels that he would not allow them to sabotage the revival of public enterprises. 

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