This archive report was first published on 17 June 2020.
Published on June 17, 2020, the Competition Authority of Kenya (CAK) has launched an investigation into Tuskys Supermarket's bank accounts over a Sh. 1.2 billion debt.
The probe comes as the retailer struggles to pay its suppliers, with reports suggesting that Tuskys has been ordered to furnish the regulator with its monthly bank statements for the past year.
According to a report, Tuskys was ordered to settle the Sh. 1.29 billion debt between July 1 and July 16, or face a jail term of five years or a fine of up to Sh. 10 million.
However, the retailer has been accused of failing to disclose another Sh. 400.9 million owed to suppliers, leading to concerns about its financial stability.
Meanwhile, reports have emerged of stock-outs at some Tuskys branches, with customers taking to social media to express their concerns about the retailer's ability to meet demand.
“Is it just me or is Tuskys showing signs of trouble? Empty shelves, unavailability of many common brands and general feel of resignation. Reminds me of the twilight days of Nakumatt and Uchumi,” Kaka Karim reported on Facebook.
