A meeting of the creditors of the beleaguered giant, called by Mr Peter Kahi, the court-appointed administrator, unanimously voted to dissolve the chain of supermarkets. The other harsh reality is that unsecured creditors may not receive a single penny even after the liquidation process is complete. The sale of its branches has yielded slightly over Sh400 million, which will be shared among secured creditors. Mr Shah is also accused of writing off stocks worth Sh18 billion in 2018 in a bid to massage the financials! We have already seen the multi-agency teams fighting graft in the public sector in our country taking this approach.

Source: Daily Nation January 18, 2020 22:52 UTC