8 firms in fresh bids for Mumias Sugar assets
A total of eight firms have placed bids to lease the assets of Mumias Sugar Company in Receivership.
This follows the restart of the bidding process last month following allegations of an unclear and biased process by some stakeholders in the rundown State owned miller.
The eight include West Kenya Sugar, Kibos, Sarai Group (Uganda), Krumen Finances. KE International, Pandal Industries, New Mumias Industries and a French based entity according to disclosures by Mumias Receiver Panangapalli Rao to Citizen Digital.
Notable absentees from the bids include the Devki Group whose Chairman Narendra Raval previously pulled a bid to lease the company assets in an avoidance of heavy public scrutiny to the transaction.
The leasing of the assets of Mumias Sugar have been hit by lengthy delays mostly characterized my multiple legal suits.
For instance, several suits challenging the current leasing process had been filed, mostly challenging the transparency of the transaction.
Subsequently, the courts required the receiver-manager to open the bids in the presence of all bidders, a requirement undertaken on Wednesday.
The receiver-manager was also obligated to reveal details of the bids to the bidders.
Currently, the courts have stopped the evaluation of the bids pending the delivery of a ruling on the matter leaving the leasing process hanging in the balance.