The battle of billionaires for the control of ARM Cement took a new turn Wednesday after consultancy firm PriceWaterhouseCoopers (PwC) rejected a Sh1.3 billion bank guarantee by tycoon Jaswant Rai that the court demanded to stop the sale of the firm to industrialist Narendra Raval.
PwC, which is acting as ARM administrator, did not accept the guarantee equivalent to 20 per cent of the Sh6.5 billion bid price from Mr Rai and his associates on the deadline day of September 10 set by the Court.
