Tuesday, September 26, 2023 – Billionaire sugar tycoon Jaswant Rai has responded to the romour that he is shutting down his vast businesses in Kenya after President William Ruto threatened to send him to heaven for sabotaging moves to resuscitate the struggling state-owned millers.

In a statement yesterday, Rai, through The Rai Group of Companies, dismissed reports that emerged over the weekend that they are exiting the Kenyan market.

The management termed the claims as “misinformation bordering on unhelpful propaganda coming at this time of severe economic challenges”.

The 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. 

Further, the company management emphasised that it was focused on pursuing high standards of service delivery as well as the legal and regulatory guidelines set by the government.

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

The reports first emerged on Saturday and spread on social media platforms through to Sunday. 

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. 


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