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The path to recovery of the embattled retail chain Nakumatt has taken a new twist after the court’s appointed administrator, Peter Kadhi accused Chief Executive Officer (CEO) Atul Shah of playing part in the loss of Sh18 billion.
Kahi said Shah wrote off suppliers’ stock worth Sh18 billion without following due process.
Appearing before Senate's Tourism, Trade and Industrialisation Committee, which is investigating the slow death of what was the country's largest supermarket chain, Kadhi pointed out that the stock could have been sold and the funds looted before the retailer fell into financial distress.
Kahi told the senate team that Nakumatt wrote off stock worth Sh18 billion in May last year on grounds that there were items in the system that were not actually on the retail chain’s shelves.
“It means that the books were massaged a long time ago. It means there was cooking of books. I am looking for money to hire a forensic investigator to tell us where the money is. We are told some money may have been siphoned out of the country. This is a lot of money that disappeared from the company’s books,” said Kadhi.
Kahi said he needs about Sh15 million to ensure that the forensic audit is carried out to establish where the cash was wired to .
The retail chain's former management said the discrepancy was realized due to massive “theft, pilferage, stock shrinkage and losses arising from stock obsolescence," a response that Kahi described as “unsatisfactory.”
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While I agree with you: Let's begin with Waiguru, Kabura, and those that have been "Supplying Air" at the Expense of the Kenyan Taxpayers.
Waiguru should go to jail
Sheight share with other crooks in country..All do some luxury spending and help about.
We have foreigners coming from Calcutta who not only come to rip our country but also have the audacity to lock doors down when their stores suspiciously catch fire leaving workers busy creating wealth for them to burn alive. They are worse than Isis. Instead of them going to jail, these corrupt politicians get in bed with them to rip the country. Day of judgement on these criminals still awaits.
Kenyan Courts and Politicians apply Themselves as if Ordained by satan (to Oppress and Steal from poor Kenyans).
I wonder why all these questions are being asked without first investigating how druglord Mwau invested his drug billions at NAKUMATT.Why did Moi and Kibaki allow money laundering in the fisrt place?The same question should be asked about fake property value in Mombasa and Nairobi-Why did majambazi Moi and Kibaki allow Somali Pirates buy property there with money paid as ransom by pirated ship owners in Indian Ocean?Why is DIRTY MONEY changing hands in Kenya?
Indians and Nigerians are the most crooked people on Earth. Saudi Arabia has the best policy to deter their criminal acts-death by hanging or stoning. I agree with those advocating for this criminal to be hanged if found guilty
The problem with this crook he shipped all the money to India
He should be executed to serve as an example. Thanks