C
Originally published by Capital Business
📰 Read Full Article
business
August 5, 2026
1w ago

Uchumi monitor says new branches opened without his approval

Uchumi monitor says new branches opened without his approval

In submissions to Parliament's Public Petitions Committee on Petition No. 9 of 2026, court-appointed monitor Owen Koimburi Njenga said Uchumi's recent expansion raises questions about its financial priorities and compliance with the creditor-approved restructuring framework...

✨ Key Highlights

Fresh governance concerns have surfaced at Uchumi Supermarkets as the court-appointed monitor revealed the company opened new branches without his approval, despite outstanding employee and creditor obligations.

  • The court-appointed monitor, Owen Koimburi Njenga, stated that Uchumi opened branches at Unicity Mall and in Kitengela without his knowledge or consent.
  • This expansion raises questions about the company's financial priorities, particularly as former employees pursue unpaid salary arrears and terminal benefits totaling approximately Sh521.7 million within the larger creditor claims of Sh9.79 billion.
  • Njenga highlighted that a March 2025 creditor resolution requires joint approval for deploying surplus cash flows, a process that was not followed for the new branches.

Continue Reading

Read the complete article from Capital Business

📰 Read Full Article

Part of the Day's Coverage

DPP Charges Three Bank CEOs Over Sh363 Million Fraud Case - August 2026

The Director of Public Prosecutions has charged the CEOs of NCBA Bank, KCB Bank, and Co-operative Bank with failing to report suspected proceeds of crime linked to an alleged Sh363.3 million fraud case. Meanwhile, NCBA Group announced its net profit for the first half of 2026 rose 12.2% to Sh12.4 billion, driven by strong performance in Kenyan operations and regional subsidiaries. At the same time, governance concerns have surfaced at Uchumi Supermarkets where the court-appointed monitor revealed the company opened new branches without his approval, despite outstanding employee and creditor obligations.

7 stories in this topic
View Full Coverage
Advertisement

Related News

Advertisement