Billionaire Rai Speaks On Closing Down Kenyan Companies
The Rai Group of Companies, owned by billionaire industrialist Jaswant Rai, has denied reports that they are leaving the Kenyan market, which surfaced over the weekend.
In a statement issued on Monday, the administration referred to the allegations as “misinformation bordering on unhelpful propaganda coming at a time of severe economic difficulties.”
The company assured its consumers, farmers, employees, and business partners that it would not relocate its operations overseas.
“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 stated that it is collaborating with the government at all levels to ensure compliance and accomplish all of its objectives.
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In addition, the company management emphasized that it was committed to adhering to government-mandated legal and regulatory standards as well as high service delivery standards.
Earlier reports indicated that the billionaire was dismantling his business empire in Kenya and migrating to an unnamed nation.
The reports first surfaced on Saturday and spread through Sunday via social media platforms.
The news sent shock waves through a segment of Kenyans, who noted that thousands would be laid off and sugarcane producers would lose their market.
The market share of the billionaire’s breweries exceeds forty percent. Additionally, the entrepreneur has investments in the timber and cooking oil industries.
Recent media attention has focused on the billionaire’s dominance in the sugar industry.
President William Ruto has accused his businesses of undermining efforts to revive struggling state-owned millers.
Billionaire Rai Speaks On Closing Down Kenyan Companies
