Sunday, August 1, 2021
All countries COVID-19 Cases
198,848,605
Total confirmed cases
Updated on August 1, 2021 5:34 PM

High Court stops distribution of Nakumatt assets

Must Read
- Advertisement -
Writer

Companies

High Court stops distribution of Nakumatt assets


An old supermarket in Nakumatt. FILE PHOTO | NMG

The High Court has stopped the distribution of assets belonging to Nakumatt Holdings Ltd pending the determination of a case brought by the widow of its former internal auditor regarding the non-payment of an insurance claim of 30 million shillings.

This means that the creditors of the collapsed supermarket chain giant, which collapsed with a debt of 40 billion shillings, will wait an indefinite period before receiving their installments. Creditors include banks and suppliers.

Judge Alfred Mabeya said that should the Nakumatt manager, Peter Kahi, distribute the assets in this way, he is ordered to set aside an interest-bearing account for a sum of 30 million shillings to address the claim raised by the widow of First. internal auditor James Maina Karanja, who was shot and killed under mysterious circumstances in June 2015.

The judge further ordered Mr. Kahi to provide a statement of the Nakumatt Holdings Limited bank account held at Standard Chartered Bank #ticker: SCBK, Kenyatta Avenue Branch for the period from October 1, 2015 to the June 17, 2021 within 30 days.

He made the order after the widow, Latoya Mghoi Kaka, said that Nakumatt failed to remit an insurance payment of 30 million shillings to Karanja’s family despite receiving the sum from Kenya Insurance. He said the money was paid to Nakumatt’s account for further transmission to the estate of the late James Karanja Maina.

He presented documentary evidence to support his claim. It also argued that despite obtaining a certificate confirming the award, the death benefits were not transferred to the beneficiaries.

“It is in the interests of justice that the trustee files the statements of account in court, so that this court can make an informed decision. I, therefore, consider that the plaintiff’s (widow’s) sentence for the discovery is justified. “said the judge.

The widow stated that Karanja was an employee of Nakumatt until her death and that during her employment, she was placed under an insurance policy with Kenindia Assurance Limited that covered her pension, last expense and work injury as benefits.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

SUGGESTED NEWS
- Advertisement -
Latest News
- Advertisement -

More Articles Like This

- Advertisement -