Former Nakumatt Supermarket Chief Executive Officer Atul Shah is set o lose his multi-million home located in Nairobi’s Lavington estate.
This is not the first loss Atul is going to suffer having already lost some of his properties located in Nairobi’s Industrial Area to auctioned contracted by Kenya Commercial Bank (KCB).
The auctioned property was bought by Furniture Palace International Ltd at a cost of KSh 1.04 billion.
The hemorrhage is not yet over with his home set to be sold after it was used to guarantee KSh 2 billion loan the fallen retail giant took back in the day – and which has not been cleared.
The home was used as collateral in 2011 for KSh 25 million, which forms part of the loans Nakumatt took.
Philips auctioneers are said to be looking at some KSh 30 million.
Nakumatt grew from a mattress shop in Nakuru to a giant retail chain with 60 outlets spread across East Africa.
A poorly expansion plan saw it crush to the ground after shutting operations in January 2020 with KSh 30 billion debt hanging on its neck. Atul has never know peace since Nakumatt fell with every bank knoing on his door for their money.