This archive report was first published on 6 January 2020.
January 6, 2020, marked a significant step towards resolving the Nakumatt supermarket crisis, as banks announced plans to initiate private investigations to recover Sh1 billion in lending from former managers and directors.
Former Nakumatt CEO Atul Shah's tenure was marred by financial mismanagement, leaving the retailer with a huge debt to suppliers, landlords, and other creditors.
The banks' decision to pursue private investigations is a timely move, as it will help settle the matter justly and quickly, in the best interest of affected suppliers and partners.
Those responsible for Nakumatt's woes should be held accountable and prosecuted to reduce losses for affected businesses and serve as a deterrent to others who may be planning to bend rules for personal gain.
A fair probe is essential to deliver justice and ensure that those responsible are brought to book.
