Three more Nakumatt stores have been closed in Uganda. The supermarket chain which is facing an acute cash crisis has now decided to close three stores at Acacia Mall in Kololo, Village Mall in Bugolobi and another at Victoria Mall in Entebbe.
The news was broken by the property managers for the respective malls, Knight Frank. According to the notice posted online, there is no clear explanation for the closure.
Notice of closure of Nakumatt sores in Uganda;
Nakumatt has been facing some cash problems in Kenya after the exit of Harun Mwau. The investor sold his 7.7% valued at approximately Ksh 3 billion after potential investors insisted that he exit before they could negotiate a buyout.
Insiders report that Nakumatt’s problems lie in its cash kiting as well as money laundering practices which it has not contained. The kiting vice is mainly through it’s loyality card where users have been defrauded when they deposit money on their cards. It is believed that those behind the cash kiting fraud were responsible for the murder of an auditor, James Karanja.
The auditor was reported to be closing in on the fraudsters before his murder.