The decline of big names such as Uchumi, Kenya Airways, East African Cables, East African Portland Cement and Mumias Sugar was the first sign of struggle in corporate Kenya. [File, Standard] An increase in the number of financially crippled corporates is the new headache for banks, with some lenders in court battles to recover billions […]
Uchumi Supermarkets branch in Nairobi. FILE PHOTO | NMG The Capital Markets Authority (CMA) has been allowed to investigate audit firm Ernst & Young (E&Y) over claims that it helped cook Uchumi Supermarkets’ books, covering up transactions that left the retailer on its death bed. The Court of Appeal ruled that the regulator was free […]
The decline of big names such as Uchumi, Kenya Airways, East African Cables, East African Portland Cement and Mumias Sugar was the first sign of struggle in corporate Kenya. [File, Standard] An increase in the number of financially crippled corporates is the new headache for banks, with some lenders in court battles to recover billions […]
Supermarket chain Naivas will open two branches at Nairobi’s Greenspan Mall and Imara Shopping Mall in the next two weeks as it steps up its expansion in the country. The establishment of the outlet at Greenspan Mall, which is owned by Nairobi Securities Exchange #ticker:NSE -listed property investor ILAM Fahari I-Reit #ticker:FAHR , had been […]
Supermarket chain Naivas will open two branches at Nairobi’s Greenspan Mall and Imara Shopping Mall in the next two weeks as it steps up its expansion in the country. The establishment of the outlet at Greenspan Mall, which is owned by Nairobi Securities Exchange #ticker:NSE -listed property investor ILAM Fahari I-Reit #ticker:FAHR , had been […]
In the case of Nakumatt and Uchumi, their collapse caught many suppliers unawares, with the thinking at the time being that the retailers were too big to fail. [Courtesy] Suppliers delivering goods to supermarkets have devised mechanisms to reduce their exposure to potential losses. Suppliers lost nearly Sh20 billion for goods they had supplied to […]
NSE has been seeking ways to manage issues raised about the recovery board. PHOTO | FILE The Capital Markets Authority (CMA) confirmed that an agreement has been reached with the NSE to operationalise the board after the resolution of all outstanding issues. Under the arrangement NSE will be required to put companies on the recovery […]
New KCC audit query flags possible loss of billions as processor gives no clear avenue for recovering outstanding debts. New Kenya Cooperative Creameries may not recover Sh764 million owed by several supermarkets, some of which have closed shop and others facing closure. Auditor General Nancy Gathungu has cast doubt on whether the state milk processor […]
Kenya Defence Forces (KDF) will forcibly acquire 3.7 acres on which Uchumi Supermarkets’ #ticker:UCHM Lang’ata branch sits, adding a fresh twist to the ownership of the prime plot that is a subject of a court suit. The National Land Commission (NLC), on behalf of KDF, is working on the papers that will convert the land […]
Kenya Defence Forces (KDF) will forcibly acquire 3.7 acres on which Uchumi Supermarkets’ #ticker:UCHM Lang’ata branch sits, adding a fresh twist to the ownership of the prime plot that is a subject of a court suit. The National Land Commission (NLC), on behalf of KDF, is working on the papers that will convert the land […]
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