Karuturi, the iconic landgrabber, flops

Karuturi, the iconic landgrabber, flops
Published: 14 Feb 2014
Tax Justice Network ▪ Forum Syd Kenya ▪ GRAIN ▪ Anywaa Survival Organisation ▪ South Indian Coordination Committee of Farmers Movements

Karuturi flower farm worker, Naivasha, February 2014 [Photo: Antony Gitonga]

An unhappy Valentine’s Day for some Karuturi, the iconic landgrabber, flops

Karuturi Ltd, the Kenyan flower production unit of Karuturi Global, is in financial collapse and been put under receivership. One of the world’s most infamous landgrabbers is in its deepest trouble yet.

On 11 February 2014, CfC Stanbic Bank in Nairobi took over the Karuturi farm in Naivasha while management was assigned to The Business Advisory Group Ltd. The new managers will assess the true financial situation of the firm, which has stopped paying its workers, suppliers and utility providers since many months, and settle the company’s outstanding debts, which reportedly exceed US$ 5 million. Until now, the flower farm in Naivasha was its cash cow, responsible for three-quarters of the Karuturi empire’s annual global earnings….http://www.farmlandgrab.org/post/view/23158#sthash.yabZonci.dpuf

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