The management of Rai Group of Companies linked to sugar billionaire Jaswant Singh Rai has dismissed reports of closure of the group making rounds on social media.
In a statement, the Group clarified that the claims are not true and come at a time when the companies are facing hard financial challenges.
” The management at Rai Group of Companies wishes to inform all its business partners, stakeholders including farmers, employees the media and indeed the general public that the information circulating on social media platforms to the effect that that the Group is closing down all its operations and is relocating to another country is, to say the least, regrettable misinformation bordering on unhelpful propaganda coming at this time of severe economic challenges,” read part of the statement.
Further, the management explained that the Group is aware of its contribution to the Kenyan economy through job creation, production of high-quality goods and the provision of services that circulate and consumed both locally and internationally.
“The Group remains an integral part of the Kenya’s development agenda and will continue working with both levels of government and stakeholders at all levels to ensure that its goals and those of the country are achieved,” said the management.
Additionally, the Group said it will continue to pursue high standards of delivery in strict conformity to the regulatory, legal, and social expectations of our partners.
Jaswant Singh Rai Abduction
The Group’s owner businessman Jaswant Singh Rai has been in the headlines for some time now.
The businessman was abducted by unknown men on Friday, August 25 as captured by CCTV footages.
However, he was released on August 28 after President William Ruto warned the abductors.
Also Read: New Twist in Jaswant Singh Rai Link to Victoria Bank
Ruto Warns Sugar Cartels
During his tour of the Western Region, President Ruto issued an ultimatum to investors he described as cartels sabotaging the sugar industry.
Speaking on August 28, President Ruto gave an ultimatum to the investors fighting for the control of the ailing Mumias sugar, to either leave the country, go to jail, or go to heaven.
“Let them withdraw the court case and move out. I have told there are only three options left, they either move out, go to jail, or embark on the journey to heaven,” President William Ruto said.
Earlier on August 27, Ruto singled out Singh Rai over the state of the sugar industry.
“Do not be worried, I am alerted to make sure everything will be okay. There is no one who will meddle. Do not be worried about someone coming to talk to us. Someone was telling me Rai. Who is Rai? No, that is not possible,” the President said.
Also Read: Sugar Billionaire Jaswant Singh Rai Released After Ruto’s Warning
Rai Group Companies
Rai Group controls over 40 percent of sugar production and market supplies in Kenya through its three sugar millers – West Kenya, Sukari Industries and Olepito.
In 2021, the Group made a bid for the ailing state-owned miller Mumias Sugar Company through its Ugandan subsidiary Sarrai Group.
Additionally, the Group is one of the biggest players in cement industry in Kenya through Rai Cement.
The firm, which is based in Muhoroni-based produces a range of cement variants.
Further, the Group is also a key player in the oil sector through the Menengai Oil Refineries Limited.
Menengai is behind some of the most-used home care products in East Africa including cooking oil, fats, soaps, detergents, baking powder and skin care products.
Some of their popular products include Top Fry cooking oil, Somo cooking fat and Menengai Cream washing bars.
Also, the Group holds a large stake in Timsales sawmilling firm which is one of the biggest suppliers of wooden poles and other timber products.
