Tycoon Jaswant Rai’s takeover of Nzoia Sugar’s factory and nucleus is under scrutiny over alleged concealment of key details in the 30-year concession, even as he pledged to share a portion of sugar and molasses output with the State and inject Sh5.76 billion.
Auditor-General Nancy Gathungu has flagged the leasing of Nzoia Sugar to Rai’s West Kenya Sugar Company as opaque, saying her office was not furnished with a formal handover document or asset valuation report, raising concerns the assets may have been undervalued.
