Dubai-based firm Vartox Resources Limited now intends to withdraw an application it had filed at the court of appeal in relation to the 20-year lease awarded to Ugandan-based Sarrai Group to manage Mumias Sugar Company.
The company in its application sought to be allowed to adduce additional evidence in relation to the April 14 ruling delivered by Justice Alfred Mabeya that cancelled the 20-year deal awarded to Ugandan-based Sarrai Group.
It has since filed a notice of withdrawal over the matter.
Judge Mabeya stopped the deal on grounds that it would benefit KCB Group and ignore the interest of Mumias shareholders and other lenders.
He ordered the company to leave the premises and removed Ponangipali Ramana Rao as the Administrator of the company.
Consequently, KCB Group contested Mabeyas's decision and obtained a temporary order at the court of appeal suspending the decision.
Just last month, the high court appointed Harveen Gadhoke as the new administrator of Mumias Sugar Company for a period of one year.
This is after the term of Kerato Marima expired.
