From State corporations to parastatals, the taxpayer has parted with billions in attempts to rescue institutions that have only dug themselves into more debt. An over ambitious expansion plan saw Uchumi record a Sh1.2 billion loss at a time it owed suppliers and lenders over Sh3 billion. Uchumi also owed PTA Bank Sh475 million, East and Southern Africa Trade and Development Bank Sh474 million, KCB Sh416 million and ICDC Sh24 million. The retailer now owed creditors Sh6.1 billion, which did not match its Sh5.8 billion assets. JKIA TAKEOVERThe Association of Kenya Suppliers has, however, vowed to fight Uchumi’s proposal and wants a forensic audit on the supermarket chain.

Source: Daily Nation April 26, 2019 07:18 UTC