Nakumatt paid PKF Sh30 million admin fees

Nakumatt Holdings’ administrator, PKF Kenya, has earned Sh30.7 million for managing the retailer since its appointment on January 22, 2018.

Administrators’ fees are among the priority payments when a company collapses.

PKF tried to save Nakumatt as a scaled-down retailer but its debt load provided little wiggle room, with the administrator opting to liquidate the supermarket giant.

The fees, according to documents seen by Business Daily, represented 0.7 percent of the Sh4.2 billion outflows at Nakumatt over the same period.

PKF, which seconded its partner Peter Kahi to the retailer, was earning an average of Sh1.4 million monthly. In a similar assignment at fashion retailer Deacons East Africa, PKF disclosed it would earn up to Sh35 million as fees.

PwC billed ARM Cement Sh73.5 million in its first three months of appointment from August 17, 2018.

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