Home ECONOMY EDITORIAL: Nakumatt probe timely – Business Daily

EDITORIAL: Nakumatt probe timely – Business Daily

by biasharadigest

EDITORIAL: Nakumatt probe timely

Former Nakumatt chief executive officer Atul Shah
Former Nakumatt chief executive officer Atul Shah. FILE PHOTO | NMG 

Banks claiming billions of shillings from the troubled Nakumatt Supermarket have indicated they will initiate private investigation in efforts to recover Sh1 billion in lending from some of the former managers and directors of the retailer. One of the steps they are mulling is seizing the managers’ assets once they are traced.

Nakumatt owes suppliers, landlords and other creditors a huge amount of money that ought to be settled expeditiously since the creditors are exposed to huge losses and anguish, and have had to delay their own growth and expansion plans.

We think it is in order to institute a through investigation to settle the matter as justly and quickly as possible and in the best interest of the affected suppliers and partners.

Those who were in charge and those who will be found to have contributed to the woes of the struggling retailer ought to be prosecuted and made to pay so as to reduce the losses for the affected businesses and also to act as a deterrent to those who may be planning to bend rules in the quest for personal gains at the expense of honest enterprises.

It is only through a fair probe that justice will be delivered.


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