Once vibrant chain of supermarkets and stores, Nakumatt supermarket was placed under receivership last year after it was unable to sustain operating costs let alone pay off huge debts it had accrued over the years.
The company owned majorly by Nakumatt holdings as well a number of shareholders who comprised key political figures and businessmen has also shut most of its stores in different parts of the country.
One man who enjoyed a substantial stake at Nakumatt is former Kilome MP Harun Mwau.
Mwau held 7.7 percent of Nakumatt through his company Hotnet limited until late 2016 when he made the decision to exit, a decision that was reportedly the genesis of financial woes at the Atul Shah managed company.
At the time of Mwau’s request for exit at Nakumatt, the company boasted of a market value of ksh40.7 billion which makes Mwau’s shares translate to approximately ksh3.1 billion.
Mr Shah’s efforts to buy out the former legislator meant that the company would have to cut down on its liquidity for a certain period.
In an unfortunate turn of events, the once top retailer failed to recover from the financial hole sinking further to bankruptcy level.
Documents filed before the high court and competition authority of Kenya (CAK) indicate that Nakumatt owes Ksh18.8 billion in unsettled debts, while its assets are worth only Ksh 14.7 billion.