Banks owed billions of shillings by Nakumatt Supermarkets have identified 11 real estate properties worth Sh3.68 billion that are linked to the retail chain’s former chief executive, Atul Shah and his family, and have identified them for possible seizure.
The assets include shopping malls, office blocks and prime land in Nairobi, Mombasa and Nakuru — where Atul’s father started Nakumatt as a retail shop. The properties are owned by third parties linked to the Shah family, which owns the bulk of Nakumatt shares, according to a document prepared by the retail chain’s court-appointed administrator.
