| Updated Tue, July 11th 2017 at 08:47 GMT +3A senior Government official has laid bare the extent of Nakumatt Supermarket’s financial woes, revealing the retailer is reeling under a Sh30 billion debt. According to the source, Nakumatt owes suppliers Sh15 billion. The lenders owed money by the retailer are Standard Chartered Bank, Kenya Commercial Bank, Stanbic Bank, NIC Bank, Barclays Bank and Diamond Trust Bank. Others are Bank of Africa, Oriental Bank, Habib Bank and Guarantee Trust Bank. The Sh7 billion short-term debts that Nakumatt borrowed via commercial papers also pose a threat to the survival of some fund managers.

Source: Standard Digital July 11, 2017 05:48 UTC