Rai Group rejects allegations of shutting down Kenyan operations

By admin Last updated Sep 26, 2023

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

All of the company’s clients, farmers, workers, and partners received assurances that it would not relocate its operations outside of the nation.In part of the statement, it was stated, “The Rai Group is cognizant of its contribution to the economic growth of the Kenyan economy through the creation of jobs and, more importantly, through the production of high-quality goods and the provision of services that circulate and are consumed both locally and internationally.”

The business stated that it is collaborating with all branches of the government to ensure compliance and that all of its objectives are met. 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.

The businessman was reportedly leaving Kenya and moving to an unspecified country, according to earlier reports.The reports originally surfaced on Saturday, and by Sunday, they had circulated widely over social media. A portion of Kenyans were shocked by the announcement, noting that thousands would lose their jobs and farmers would no longer have a market for their sugarcane. 40% of the market is controlled by Millers, owned by the millionaire. Additionally, the millionaire has assets in the wood and cooking oil industries.

Due to his hegemony over the sugar sector, the billionaire has recently been in the spotlight. The efforts to revive faltering state-owned millers have been sabotaged, according to President William Ruto’s companies.

Rai Group rejects allegations of shutting down Kenyan operations

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