Mumias imports 10 000 tonnes of sugar
05 September 2013, 13:02
Nairobi - Following the announcement by Mumias Sugar that they had incurred a loss of KES 1.7 billion for the year ending June 2013, it has now been revealed that they imported 10 000 tonnes of sugar at a time when there is an oversupply of the commodity.
The private company used to ship the sugar, Dantes Peak Ltd, had a contract with Mumias Sugar confirming that the sugar to be imported would rise by another 20,000 tonnes, Daily Nation reports.
During the release of their financial report, Mumias CEO Peter Kebati had attributed the loss to cheap imports, yet seemed to have forgotten that his company too imported the commodity through an agent.
The move has been condemed by the Kenya Sugar Board on Wednesday, although in its defence Mumias said the had imported the sugar in when it was facing what it termed a “depressed cane supply” in a bid to maintain its market share.
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