Also outstanding would be Sh2.5 billion loan from Kenya Commercial Bank (KCB) and United Bank for Africa (UBA). Uchumi CEO Julius Kipng'etich did not confirm whether or not this omission meant that the government had thrown them under the bus. However, Rotich was tight-lipped on the fate of the retail chain which recently requested for Sh1.2 billion bailout from government to pay suppliers their outstanding debt. The three, just as Uchumi, have been reeling in financial ruin. In his Budget speech on the floor of the National Assembly last Wednesday, Rotich said that the government was working on plan to resuscitate three of its strategic investments including national carrier Kenya Airways (KQ), telecommunication firm Telkom Kenya and sugar miller Mumias Sugar.

Source: Standard Digital June 14, 2016 07:07 UTC