Kenya: How Naivas Won in Scramble for Nakumatt's Prime Assets

After Nakumatt Holdings Limited went under in 2017, the man tasked with winding it up set out to make as much money from offloading the shell to ease the misery of hundreds of creditors owed at least Sh18 billion.

Recent court filings by Nakumatt's administrator Peter Obondo Kahi have revealed how the corporate mortician received a Sh50 million loan -- as part of Sh650 million bailout -- from Tuskys in a failed revival bid, before selling assets worth Sh422 million to another rival retailer, Naivas.

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