Lavington Home of Ex-Nakumatt CEO To Be Auctioned Over Ksh2 Billion Loan nairobiwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairobiwire.com Daily Mail and Mail on Sunday newspapers.
Ex-Nakumatt CEO home to be sold over stores debts
Summary
The bank, through Phillips International Auctioneers, will sell the four-bedroom villa with a servants quarter when the auctioneer’s hammer falls on August 24.
Mr Shah, as Nakumatt’s guarantor, had used the property as additional security to offer comfort to the multiple bank loans.
KCB had earlier sold Mr Shah’s prime property in Industrial Area, Nairobi, to Furniture Palace International Ltd for Sh1.04 billion, court records show.
Wednesday August 04 2021
By BONFACE OTIENO
Summary
The bank, through Phillips International Auctioneers, will sell the four-bedroom villa with a servants quarter when the auctioneer’s hammer falls on August 24.
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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Atul Shah, the former chief executive officer of the collapsed retail giant Nakumatt lost his home to auctioneers over a U$18,609,740 debt.
The auction follows the conclusion of a protracted court battle after the Kenyan High Court dismissed a petition seeking to overturn the forced sale of the high-end property by KCB Group.
Justice Francis Tuiyott dismissed the petition by the administrator of the collapsed Supermarket chain, saying it has no chance of success.
Nakumatt’s court-appointed administrator had opposed the sale on grounds that the auction failed to follow the law, and tagged Mr Shah as an interested party to suit.
Taarifa Rwanda
Published 16 mins ago
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Malawi’s Cannabis Regulatory Authority said on Friday they had issued 86 licenses to 35 companies and cooperatives to venture into cannabis cultivation for industrial hemp production.
Boniface Kadzamila the Board Chairman of Cannabis Regulatory Authority made the announcement from Lilongwe on Friday afternoon.
He said that a total of 41 companies applied but only 35 of them satisfied the requirements.
According to him the authority has issued licenses for cultivation, processing and storage and has not yet issued any license for export of cannabis.
A recent analysis by Invegrow Limited, one of the firms that conducted research on industrial hemp, found that a kilogram of industrial hemp could fetch U$1,444 on the market that there is potential for direct annual benefit for Malawians in excess of U$ 135,440,973 on 16.5 hectares or U$8,803,663 per five hectares.