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Tuskys rejects push to reveal secret investor

Tuskys rejects court push to reveal secret investor
Monday May 10 2021
By BONFACE OTIENO
Summary
The retailer has told the High Court it will continue to keep the identity of the fund secret, more than nine months after the supermarket chain announced a financing deal.
Creditors led by electronics firm Hotpoint Appliances have petitioned Tuskys in court to reveal the identity of the financier, suggesting the retailer is using the Sh2.1 billion deal to delay a suit where more than 60 creditors are pushing for its liquidation.
Tuskys has rejected a creditors petition to reveal a mystery offshore investor seeking to rescue the cash-strapped retailer with Sh2.1 billion amid doubts in court over the existence of a deal with the fund based in tax-haven Cayman Islands. ....

Rift Valley , Cayman Islands , Majid Al Futtaim , Shadwick Okumu , Yusuf Mugweru , Tusker Mattresses , Orakam Holdings , High Court , Hotpoint Appliances , Tusker Mattresses Limited , East Africa , பிளவு பள்ளத்தாக்கு , கேமன் தீவுகள் , மஜித் அல் பூட்டைம் , டஸ்கர் மெத்தை , உயர் நீதிமன்றம் , டஸ்கர் மெத்தை வரையறுக்கப்பட்டவை ,

Tuskys Is Selling Assets Worth Ksh 911 Million To Avoid Liquidation

Tuskys Is Selling Assets Worth Ksh 911 Million To Avoid Liquidation
By Juma / Published May 6, 2021 | 8:54 am
KEY POINTS
The ailing retailer, Tuskys Supermarket has decided to sell assets worth 911 million shillings to avoid liquidation that seems to be coming first.
The ailing retailer, Tuskys Supermarket has decided to sell assets worth 911 million shillings to avoid liquidation that seems to be coming first. 60 creditors had applied to have Tusksys Supermarket liquidated for being unable to clear debts.
The retailer had renewed some hope in creditors when it said that it was expecting an injection of 1.6 billion shillings from an investor in Mauritius. The unknown investor seems to have either backed out or delayed in remitting the funds. ....

High Court , Tuskys Supermarket , Tusksys Supermarket , Nakumatt Supermarket , Hotpoint Appliances , உயர் நீதிமன்றம் ,

Tuskys in Sh911m property sale to avoid liquidation

Tuskys has opted to sell assets in some of its branches to avoid liquidation by more than 60 creditors following delays in receiving a Sh1.6 billion debt. ....

Rift Valley , Majid Al Futtaim , High Court , Hotpoint Appliances , East Africa , பிளவு பள்ளத்தாக்கு , மஜித் அல் பூட்டைம் , உயர் நீதிமன்றம் ,

Kenya's Tuskys - Once Billion-Shilling Empire Now Has Only U.S.$374,000

AllAfrica.com
CASH-STRAPPED Tuskys Supermarkets has Sh41.6 million in its only bank account with funds, as it fights off at least 26 cases filed by creditors seeking billions in dues dating as far back as 2016.
But the bank account is frozen, following four separate cases at the Chief Magistrate’s Court in Milimani, Nairobi.
Besides, the Sh41.6 million Tuskys has is hardly enough to cater for all the creditors making a beeline for the retail chain’s main trading account.
Landlords alone are owed in excess of Sh100 million, Hotpoint Appliances is claiming Sh248 million, businessman Pietro Canobbio is owed an estimated Sh200 million while Syndicate Agencies Ltd wants Sh30 million. ....

Nairobi Area , Francis Tuiyott , Patrick Ogola , Bernard Kahianyau , Pietro Canobbio , Magistrate Court , Dong Fang Development Company , Syndicate Agencies , Eako Holdings , Milimani High Court , Kilifi Complex Centre , Rentco Africa , Syndicate Agencies Ltd , Bosky Industries , High Court , Spread This , Chief Magistrate , Hotpoint Appliances , Central Africa , Dignity Collections , Milimani Chief Magistrate , High Court Judge Francis Tuiyott , Rentco Africa Limited , Greenspan Mall , Juja City Mall , Karen Crossroads ,