Nakumatt assets face auction as StanChart escalates debt recovery

In a public notice, the lender said Nakumatt Investments Limited, which provided land as collateral for loans advanced to Nakumatt Holdings, must clear the outstanding debt within 90 days or risk losing the properties through a forced sale. Kenya breaking news | Kenya news today ..

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Standard Chartered Bank is set to auction assets of the collapsed retail chain Nakumatt Holdings after the firm defaulted on loans exceeding Sh1.6 billion.

Nakumatt Investments Limited, which provided land as collateral, has 90 days to clear the debt.
The threatened auction targets several properties, including parcels in Mombasa, Nakuru, and Nairobi.
This action is the latest development in the fallout from Nakumatt's collapse, once East Africa's largest supermarket chain which accumulated debts estimated at Sh30 billion to Sh40 billion.

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