Billionaire Jaswant Rai has withdrawn applications pending in the Court of Appeal over the management of Mumias Sugar Company.
He had challenged his brother’s bid to run the company.
The troubled Mumias Sugar Company has long been a battleground between the feuding billionaire Rai brothers. Jaswant Singh Rai, chairman of the Rai Group, had joined other bidders in an attempt to wrest a lucrative lease from his younger sibling, Sarbi Singh Rai.
The withdrawal of the cases that have halted the revival of the once giant sugar miller also comes days after President William Ruto threatened to take action against individuals he accused of exploiting cane farmers in the Western region.
Rai owns West Kenya Sugar Company Limited, one of the largest sugar millers in Kenya, controlling almost half of the market.
Meanwhile, Vartox Resource Inc, a Dubai-based company, also withdrew its application to the Court of Appeal. The company had also challenged the lease of the Mumias Sugar factory to the Sarrai Group.
