Nakumatt CEO's Posh House Sold To Settle Bank Debts

Nakumatt CEO’s Posh House Sold To Settle Bank Debts

By Juma / Published April 9, 2021 | 10:15 am

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Auctioneers have sold a posh house in Lavington belonging to the Chief Executive of the dead Nakumatt Supermarket Atul Shah to pay a debt of 2 billion shillings to KCB Bank.

Auctioneers have sold a posh house in Lavington belonging to the Chief Executive of the dead Nakumatt Supermarket Atul Shah to pay a debt of 2 billion shillings to KCB Bank.

Nakumatt, which was once a giant retailer in the region, disappeared into thin air leaving behind a trail of unpaid thousands of employees, suppliers, and loans that had been taken from commercial banks.

Mr. Shah had moved to High Court to overturn the forced sale of his posh home but the court dismissed the request through Justice Francis Tuiyott who said the collapsed supermarket had no chance of success.

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“This court is not persuaded that the suit, as currently presented, demonstrates a prima facie case with a probability of success. Being unable to surmount that hurdle, it is needless for this court to discuss other aspects raised in the application,” the judge said.

KCB had earlier sold Mr. Shah’s prime property in Industrial Area, Nairobi, to Furniture Palace International Ltd for 1.04 billion shillings, court records show. The woes facing the former CEO seem to be far from over as more creditors move to have their money back.

Diamond Trust Bank (DTB) needs 3.6 billion shillings from Nakumatt, KCB Group needs 1.9 billion shillings, Bank of Africa is waiting for 328 million shillings, UBA 126 million shillings, and Guaranty Trust Bank 104 million shillings.

Brookside Dairy Limited needs 457 million shillings from the dead retailer, Outstand Logistics Limited 415 million shillings, Norkan Investments 338 million shillings, New KCC 290 million, and Redstar International 261 million shillings.

Nakumatt Holdings Limited (Under Administration) is a family-owned business that was established in 1987. Until February 2017 NHL had 60 branches across the region (44 in Kenya, 8 in Uganda, 5 in Tanzania, and 3 in Rwanda).

Nakumatt Is Officially Dead, Funeral Arrangements Underway

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: info@sokodirectory.com

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