Nairobi Manufacturer of Sweets Placed Under Receivership

Nairobi sweets manufacturer Swan Industries has been placed under receivership by Investment and Mortgage Bank (I&M Bank) in a move that threatens to render more than 100 people jobless, Business Daily reported. The Kisumu-based company has been unable to pay a loan, which the bank refused to disclose on confidentiality grounds, on reduced sales in western Kenya and cutthroat competition from low-cost producers based in Nairobi. The bank appointed Mr Vipul Shah and Mr Dipesh Shah of Nairobi-based VSC Consultants as joint receiver managers. The troubles at Swan Industries emerge at a time when the lake side town is gripped by high unemployment levels following the closure of a number of industries in recent years including KICOMI and East Africa Breweries. Read more.