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.
Auctioneers sell ex-Nakumatt CEO Lavington home
Summary
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.
The bank, through Leakey Auctioneers, early in the year quietly sold the property, which Mr Shah had used as additional security as Nakumatt’s guarantor.
Friday April 09 2021
By SAM KIPLAGAT
Summary
Justice Francis Tuiyott dismissed the petition by the administrator of the collapsed Supermarket chain, saying it has no chance of success.
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.