Nakumatt Holdings Limited have appointed PKF Consulting East Africa partner Peter Kahi as a possible replacement for Nakumatt CEO Atul Shah.
This proposal comes just after Nakumatt is reported to have filed for bankruptcy.
According to reports, the directors of the retailer chain have requested an administration order from the High Court and the application is scheduled to be heard by Justice Joseph Onguto on November 8th.
The retailer is also seeking approval from the Competition Authority of Kenya (CAK) over the possibility of a merger with Tuskys.
Read: Nakumatt Under Fire Over Sh600 Million Outstanding Debts
As Nakumatt aims to settle debts owed to its creditors the company CEO has chosen Kahi to take charge of the companies recovery.
“The company is in real danger of being wound up as various creditors have joined in the (insolvency) petition herein as supporting creditors. Further, various landlords have sought to exercise right of re-entry in respect of several key premises of the company.
“An administration order is reasonably likely to achieve a better outcome for the company’s creditors as a whole and ensure continuity of the company’s business as a going concern as opposed to the drastic action of winding up the company,” Mr Shah says.
Kahi brings 25 years of experience in conducting forensic and consultancy assignments.
He has also carried out forensic restructuring of companies in Uganda, Tanzania, Rwanda, South Sudan, Malawi and Somalia.
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