By STELLA CHERONOMore by this AuthorThe South Nyanza Sugar Company (Sony Sugar) is on the spot over alleged misappropriation of a Sh335million loan secured from the Commodities Fund last year. Although the company was expected to have commenced servicing the loan, it has not started paying, and has accrued interests. The bank guarantee also expires in seven months, with trustees fearing that the maintenance process may not be completed. BANK GUARANTEEA bank guarantee secured the loan, and disbursed the funds in three tranches in March, April and May, 2017. Although the initial plan was to have the APM conducted mid-May, the Ministry of Agriculture through the Agriculture and Food Authority – Sugar Directorate postponed the activities because there was a sugar shortage in the country.

Source: Daily Nation July 29, 2018 21:11 UTC