Home » Billionaire Jaswant Singh Rai Breaks Silence After Reports of Closing Business in Kenya

Billionaire Jaswant Singh Rai Breaks Silence After Reports of Closing Business in Kenya

by Paul Nyongesa
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In response to recent reports that suggested the Rai Group was planning to exit the Kenyan market, the company’s management has swiftly dismissed these claims, calling them “misinformation bordering on unhelpful propaganda.”

The company’s statement, dated Monday, aimed to assure all stakeholders, including customers, farmers, employees, and partners, that the Rai Group had no intentions of leaving the country.

The Rai Group recognized its significant contribution to Kenya’s economic growth, both through job creation and the production of high-quality goods and services.

The company stressed its commitment to working closely with the government at all levels to ensure compliance with regulations and to achieve its business goals within the country.

Furthermore, the management emphasized their dedication to upholding high standards of service delivery while adhering to all legal and regulatory guidelines set forth by the government. These statements were made to quell the concerns raised by earlier reports.

Initial reports had suggested that billionaire Jaswant Singh Rai, who owns various businesses under the Rai Group, was planning to shut down his business operations in Kenya and relocate to an undisclosed foreign destination. These reports surfaced over the weekend and gained traction on social media platforms.

The news of the potential exit of Rai Group from the Kenyan market sparked anxiety among many Kenyans, with fears of potential job losses and concerns about the impact on sugarcane farmers, as Rai-controlled mills account for over 40 percent of the market share. In addition to the sugar industry, the billionaire has investments in timber and the cooking oil business.

Jaswant Singh Rai’s business interests have garnered significant attention recently, particularly in the context of the struggling state-owned sugar millers. President William Ruto has publicly criticized Rai’s companies, alleging that they have hindered efforts to revitalize these millers. The Rai Group’s commitment to remaining in the Kenyan market seeks to address these concerns and maintain stability in the country’s economic landscape

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