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Ex-Nakumatt CEO fails to reverse Sh1bn auction

Ex-Nakumatt CEO fails to reverse Sh1bn auction Monday May 03 2021 By SAM KIPLAGAT Summary The sale of the personal properties marks a new low for Mr Shah, who for decades occupied the corner office of the regional retail business and was feted among top influential businessmen in the world. Banks have been battling to seize assets linked to Mr Shah and his family to recover the billions of shillings lent to Nakumatt. Nakumatt closed shop in January with debts estimated at Sh30 billion including Sh18 billion to suppliers, Sh4 billion to commercial paper holders and the rest to banks.

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Corona adds Sh111b bad loans to big banks books

THE STANDARD By Dominic Omondi | April 2nd 2021 at 00:00:00 GMT +0300 Log in or Register to continue reading this article When you register with us, you help us improve our news experience for you and others. Also, ensure your Javascript is activated for this website.

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Jubilee, Co-op Bank named top dealmakers in East Africa

Jubilee, Co-op Bank named top dealmakers in East Africa
businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.

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Court triggers fresh banks fight over ex-Nakumatt boss assets

Court triggers Bank of Africa, KCB fight over ex-Nakumatt boss assets Wednesday February 24 2021 By JOSEPH WANGUI Summary High Court judge Alfred Mabeya directed Bank of Africa to auction the property in Industrial Area, Nairobi, to recover Sh460 million advanced to Nakumatt on condition that it notifies other lenders of the forced sale. But earlier court disclosures showed that KCB pressed for a speedy auction last year and sold the property to Furniture Palace International Ltd for Sh1.04 billion, taking a loss of about Sh1 billion. Justice Mabeya’s ruling sets the stage for a battle for the right over the property between KCB and Bank of Africa.

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