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.