Mumias Sugar Company has been placed under receivership, confirming that the ailing miller might never come back from its economic Intensive Care Unit.
In an announcement that has shocked many, KCB Bank says it has placed the miller under receivership to protect the assets.
“KCB Bank Kenya Limited can confirm that Mumias Sugar Company has been placed under receivership to protect its assets and to the best extent maintain its operations,” said KCB in a statement.
Mumias Sugar Company has been ailing for years with efforts by the government to bail it out hitting a dead end.
More to follow.
