Billionaire Jaswant Rai will have to deposit a guarantee of Sh6.5 billion if he wants to stop the sale of Athi River Mining (ARM) to Devki Group, which is owned by his business rival, Narendra Raval.
The two billionaires are set to face it off in court where the Capital Markets Authority (CMA) is expected to file an advisory following investigations into the decision to sell the cement manufacturing company to Nairobi Cement, a subsidiary of the Devki Group.
