Former Nakumatt CEO Atul Shah's Lavington Mansion to be Auctioned over Sh2 Billion Debt
Former Nakumatt CEO Atul Shah is set to lose his home in Nairobi’s high-end estate of Lavington over a Sh2 billion defaulted loan.
The multi-million-shilling mansion was used as security for a loan given to the collapsed retail chain by Kenya Commercial Bank (KCB) in 2011.
Following the collapse of Nakumatt, the debt has remained unpaid, forcing KCB Bank to go after the businessman’s four-bedroom villa with a servant quarter.
Through Phillips International Auctioneers, the lender will sell the property valued at over Sh30 million on August 24th in a bid to recover the money advanced to Nakumatt.
“We will sell it through a public auction on August 24th. We are looking at Sh30 million,” a representative from Phillips International Auctioneers told Business Daily.
Court documents indicate that KCB had earlier sold Shah’s prime property in Nairobi’s Industrial Area to Furniture Palace International Ltd for Sh1.04 billion.
By the time it closed shop in January 2020, Nakumatt had racked up debts totaling Sh30 billion, including Sh18 billion to suppliers, Sh4 billion to commercial paper holders, and the rest to banks.
The retailer owed DTB Bank Sh3.6 billion, Standard Chartered Sh900 million, KCB Sh1.9 billion, Bank of Africa Sh328 million, UBA Sh126 million, and GT Bank Sh104 million.
Comments
MuKenya is still silent…
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MuKenya is still silent after a drunk senior “US” policeman,King’ori Mwangi knocked and seriously injured two civilians near CANNIVAL junction.Halisi should also explain why the HIT & RUN hyena who was driving on the wrong side of the road was not arrested by other policemen even after being chased and arrested by BODA BODA riders.
Let us know when it is…
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Let us know when it is auctioned. I tend to see auction properties being re-advertised in the Nation newspaper long after the date they were meant to be sold off. Or maybe Loot-all will chime in and save him...we shall see.
What was the reason this guy…
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What was the reason this guy was borrowing too much money?
COMRADES, We have to…
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COMRADES,
We have to understand the dynamics behind this kind of borrowing. Most profits are hidden in Britain. Most folks of Indian descent send their money to western countries.
Britain is part and puzzle of our looted funds.
But these folks hold duel citizenship, so the western world will look the other way.
Some of the western countries are just playing games with us.
Interesting point! No wonder…
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In reply to COMRADES, We have to… by Kora kanini (not verified)
Interesting point! No wonder a lot of Indians in western countries like USA and UK own motels, hotels and other real estate. Organized white collar looting of third world countries
Your forgot to mention our…
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In reply to Interesting point! No wonder… by Majimoti (not verified)
Your forgot to mention our negroid leaders who are looting and robbing,some of them acquired illicit wealth stolen by their parents and connections 1 generation ago
Wow! Strong words right…
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In reply to Your forgot to mention our… by Niglet (not verified)
Wow! Strong words right there! Your comment made me think of the BLM founder - Patrisse Cullors who used the donations made into the group to purchase lavish mansions in white neighborhoods instead of building houses or schools for underprivileged African Americans. That’s kind of the same thing African leaders do - they get loans and aid from western countries then pocket it instead of helping their communities. I feel you!
Jambazi/muuaji/druglord Mwau…
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Jambazi/muuaji/druglord Mwau used and paid Atul and his business to launder his drug money.Like Pattine who bought his GRAND LEGAZY HOTEL through expired Gaddafi,Atul is buying all his properties at through away prices from the auctioneers.
Pattni bought the Grand…
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In reply to Jambazi/muuaji/druglord Mwau… by Kiurire (not verified)
Pattni bought the Grand Regency Hotel at the time of the Goldenberg scandal! If only that cash had been put into social programs like youth employment programs, better public hospitals and public schools... Kenya would have been Mbele sana
The beast has homes all over…
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The beast has homes all over the world
Most are under his sons and son in-laws names
You will never track this idiots
They prey on you day inn day out
They have villas
There rent lakes inn millions
What a shame
Let’s see if there will be a go fund me and all punks contribute to save a home..
The bastard cannot wait to be deported then he will go right into his lavish home in Landon, then he will travel to Dubai to his massive condo by the lake
May an equilibrium equalizer be put into place and refuse loans to this invisible corrupt system
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