Giant cereals manufacturer Proctor & Allan, which is linked to Kenyan billionaire businessmen including Ngugi Kiuna, has been placed under receivership over a Sh3.7 billion bank debt.
The High Court placed Proctor & Allan (EA) Limited under the receivership of Ponangipalli Venkata Ramana Rao and Swaroop Rao Ponangipalli effective February 24, 2025, after it failed to service a KCB Group loan estimated at Sh3.7 billion.
