Pan-African lender Ecobank and French development financier Proparco have seized the prime assets of Mumias Sugar Company from KCB Group #ticker:KCB, setting the stage for a vicious court battle that could throw the planned leasing of the ailing miller into disarray.
Ecobank filed a notice on November 29 with the Attorney-General’s office indicating it had hired Harveen Gadhoke, as its receiver manager in a forcible takeover of Mumias Sugar’s ethanol plant.
