Photo Courtesy; Head of State President William Ruto.
The sell of 5 state owned companies to private entities was thwarted even though they had been approved for privatisation following the order by President William Ruto with bosses of these companies risking penalities according to the details we have with us.
It is reported that some of the bosses of these state run organisations were frustrating the process of privatisation by hiding crucial information thereby jeopardising the whole process.
Some of the 5 run operations includes Nzoia Sugar Company, Chemelil Sugar Company, Miwani Sugar Company, Muhoroni Sugar Factory and Sony Sugar Company. They had been earmarked for selling but the whole process was scuttled.
The government is now moving to ensure that the bosses of these cooperations cooperate and unspecified penalties have been declared on non cooperative bosses.
"Bosses leading state firms earmarked for privatisation risk unspecified penalties for frustrating the transfer of such entities to private hands by hiding key information." Business Daily reported.
President William Ruto is backing the privatization of State Corporations in a move to raise more funding for the government and avoid their over reliance on the government funding.
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