Nakumatt News: Former chief executive officer Atul Shah walked out of the fallen Nakumatt wealthier than when he started some 40 years ago. He left behind sorrow among the people he did business with. One of these was Judy Wairimu who supplied onions to Nakumatt before the retailer went under in February 2018.
Judy was among hundreds of creditors who went to decide the fate of the once giant retailer at the dissolution meeting that was held at the Visa Oshwal Centre, Nairobi in January 2020.
“When the firm’s administrator called for a vote on whether or not to wind up the firm at 11.15 am, Wairimu left her seat and instead rested her tired frame on a pillar at the far corner of the building. Several minutes later, the verdict was out. At least 92.7 per cent of creditors had supported the administrator’s proposal to liquidate the firm. Wairimu started crying uncontrollably, her hopes to recover Sh. 68 million up in smoke,” a report in a local daily said.
How Nakumatt directors ‘stole’ Sh. 1 billion from ailing retailer
Ms. Wairimu told the newspaper that she ”religiously supplied onions to Nakumatt for three years up to April 2017. My family and I even borrowed funds to service orders. This is the saddest day of my life. May God punish those who stole from us.”
She further called on state investigative agencies to go after Nakumatt directors, seize their properties and help creditors recover their money.
As suppliers come to terms with their losses, banks that Atul Shah’s business owed billions money have traced 11 real estate properties worth an estimated Sh. 3.68 billion that are linked with him.