Sugar scandal: Bitter taste for bank bosses

NAIROBI, KENYA: The recent crackdown on importers of contraband sugar is still sending shock-waves among members of the business community, who are counting heavy losses. 

It is however emerging that it’s not only traders who are in distress. The Grapevine has been told that a number of banks that financed some of the people in the sugar trade are anxious that they may likely not be paid.

A financial institution linked to   one prominent family is among those that are at risk of losing billions of shillings for financing to import the commodity that has been impounded in parts of the country for being sub-standard.  

The bank is between a rock and hard place, as its bosses also do not want to attract bad publicity as they pursue their dues.