Businesses owned by the wealthy Philip Ndegwa family took the biggest blow from the collapse of fashion retail chain Deacons East Africa, a report by the company’s administrators has revealed.
The Ndegwas risk losing a total of Sh424 million that Deacons owed their companies -- NIC Bank (Sh387.5 million), The Junction Mall (Sh35.4 million), ICEA Lion General Insurance Company (Sh887,675) and real estate management firm Knight Frank (Sh219,625).
