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Auctioneers Find Buyers For Nakumatt CEO Atul Shah’s Home,

Atul Shah
Atul Shah. Photo: Courtesy

At the fall of the hummer, auctioneers have found a buyer for former Nakumatt CEO Atul Shah’s home in Lavington that was put up for sale in July.

According to media reports, the buyer is willing to pay the Ksh30 million that auctioneers had asked for for the four-bedroom mansion with a servant’s quarter.

“There is an individual who has entered into a deal with the bank to buy the house. The buyer is willing to raise the Sh30 million we were looking for when we floated the house for sale in August,” said a representative of Phillips International Auctioneers as quoted by Business Daily.

The home was taken over by auctioneers in July after Shah failed to pay a debt of Ksh2 billion owed to the Kenya Commercial Bank (KCB).

The property known as LR No. 5/134 (IR No. 49802) is easily identified as House number 3 located at Elite Gardens Estate in Muthangari.

The property is a four-bedroom villa with domestic servant quarters and a semi-permanent generator room.

Read: Auctioneers Fail To Get Buyers For Former Nakumatt CEO Atul Shah’s Home

By the time Nakumatt closed completely in January 2020, it owed creditors over Ksh30 billion including Ksh18 billion to suppliers, Ksh4 billion to commercial paper holders and the rest to banks.

Nakumatt owed DTB Bank Ksh3.6 billion, Standard Chartered Ksh900 million, KCB Ksh1.9 billion, Bank of Africa Ksh328 million, UBA Ksh126 million and GT Bank Ksh104 million.

Nakumatt had over 60 outlets in the East African region which have been reduced to nothing.

Creditors have been identifying assets and bank accounts held by the fallen retailer and its associates in a bid to recover their lost money.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email francis@kahawatungu.com

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