CIC Insurance has written off Sh59.8 million it invested in short-term debt issued by troubled retail chain Nakumatt Holdings, which had taken a total of Sh4.7 billion worth of such loans by the time it imploded.
The insurer, which had invested more than Sh70 million in the Nakumatt’s commercial paper, says in its latest annual report that it has impaired Sh59.8 million of the fixed income investments.
