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Nakumatt Chief Executive Officer(Ceo), Atul Shah has opened up on why the giant retail chain has experienced tough economic times over the last several months.
Speaking to Business Daily, Shah linked Nakumatt's economic woes to the closure of Imperial Bank and Chase Bank, which were placed under receivership by Central Bank of Kenya (CBK).
"The Nakumatt engine relied heavily on bank loans to roar on. For a long time, things were fine; we would repay the loans and readily get some more."
"When the two banks collapsed, and the new law took effect, money dried up. Despite repaying our loans, nobody was willing to finance us. The cycle stopped abruptly; Nakumatt’s fuel was no longer available," he explained.
Shah said the supermarket will now focus on fast-moving products as it looks to redeem itself in the future.
Last year, Nakumatt closed down several of its major branches across the country and in the neighboring country Uganda.
Some of the main outlets that shut down include; Nakumatt Lifestyle, Nakumatt Westgate, Ronald Ngala branch, Nakumatt TRM, Nakumatt Moi Avenue, NextGen Mall branch along Mombasa Road and recently Nanyuki Mall branch.
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Word on these streets has it that dirty money has now been laundered through Nakumatt and is now clean for use to influence future elections
Maybe.But unpredictable Mwau can belong to any(jambazi Ruto or muuaji Raila's) side.Both are corrupt.
Screams MONEY LAUNDERING!
Does Atul Shah live Well? There is news that his family spent $15 million on a wedding in Dubai is thia true?
It's amazing to think that the Nakumatt family will eat and live in luxury after causing such a big mess
Ongea ukweli Baniani Shah.Some of us know that illegal drug baron,Mwau decreased his financial assistance to the supermarket chain.The best way to describe it is that jambazi Mwau had been money laundering through NAKUMARTT.Shah should also explain to us how they have been evading tax.