Thursday, March 28, 2024

Nakumatt’s Atul Shah in soup over Sh. 18 billion theft

Nakumatt chief executive officer Atul Shah is in the soup over the theft of some Sh. 18 billion worth of goods belonging to suppliers.

According to a report that appeared in a local daily on Thursday, the court-appointed Nakumaty administrator, Peter Kahi, seeking to hire forensic investigator to look at how Atul Shah wrote off stocks worth billions of shillings before the company collapsed.

“Mr Kahi told the Senate that around May 2017, Nakumatt wrote off stocks worth Sh18 billion on grounds that there were stocks in the system that were actually not on the retail chain’s shelves,” it says.

The daily further quoted Mr. Kahi telling  the Senate Tourism Trade and Industrialisation committee which is investigating the slow death of Nakumatt: “It means that the books were massaged a long time ago. It means there was cooking of books. I am looking for money to hire a forensic investigator to tell us where the money is. We are told some money may have been siphoned out of the country. This is a lot of money that disappeared from the company’s books.”

Nakumatt owes tens of billions of shillings to suppliers, banks and landlords of premises it used to operate.

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