Former employees of Nakumatt Holdings Ltd face an uncertain future after their pension scheme was headed for winding up this week.
The move, which raised fresh fears that hundreds of savers may lose money, was announced by the Retirement Benefits Authority (RBA).
“The RBA has approved the winding up of the above scheme and Mr Vincent Charles Karani has been duly appointed the liquidator of the scheme,” said the RBA.
Those with claims against the scheme have been invited for a meeting mid this month. Nakumatt, which applied to the High Court to be placed under administration in October, 2017, had 62 branches across the east African region making it one of the largest employers. It was estimated to have 4,000 employees at the height of its growth.
At its peak, it was the largest regional supermarket with 64 stores in Kenya, Uganda and Rwanda before a rapid financial meltdown under the weight of debts and mismanagement.
The retailer, now under administration, has shuttered all but six stores in East Africa’s biggest economy.