Standard Chartered Bank Kenya has issued a statutory notice to collapsed retailer Nakumatt Investments Limited over unpaid loans connected to Nakumatt Holdings, warning that several properties pledged as collateral may be sold if the debt remains unsettled.
- •In the notice, the lender stated that Nakumatt Investments had secured borrowing facilities with properties located in Nairobi, Nakuru, and Mombasa.
- •The bank says that the retailer, which collapsed in 2020 after restructuring efforts failed, did not meet repayment obligations.
- •The outstanding amounts include US$ 331,872 under an overdraft facility, US$ 6.99 million from a term loan, and KShs 967.2 million related to an import invoice financing arrangement.
Nakumatt was once among the largest supermarket chains in East Africa, operating outlets across Kenya and several neighbouring countries. The retailer experienced significant financial difficulties beginning in the late 2010s, leading to mounting debts owed to banks, landlords, and suppliers.
Since the chain’s collapse, creditors have pursued various recovery measures involving assets connected to the company and its affiliates.
