Search
Monday 23 May 2022
  • :
  • :

Nakumatt’s fate left to court settlement.

The decision on whether to liquidate fallen retail chain Nakumatt or allow administrators to try and resuscitate it will be known on February 28. According to the supermarket’s administrator Peter Kahi, the High Court case arose after an insolvency petition by creditors filed over a year ago. As of October 2017, about 90 creditors had filed an insolvency petition against the retailer, with the number expected to have gone up in the last year. Some of the creditors who have filed a petition against Nakumatt include Bobmil industries (Sh195million), Basco paints ( Sh8.5 million), Manji Food Industries (Sh45.6 million), and Isinya Feeds Limited (Sh18million). Samsutech Electronics(Sh232 million), Kenchic limited (Sh26 million) and L’Oreal East Africa (Sh22 million). Attempts by Tuskys to save Nakumatt were frustrated in the close of 2017 due to internal wrangles with one of Tuskys shareholders Yusuf Mugweru, opposing plans to buy a 51 per cent stake in Nakumatt.




Leave a Reply

Your email address will not be published. Required fields are marked *