The Competition Authority of Kenya (CAK) had ordered Tuskys to settle supplier debt of Sh1.2 billion by Thursday last week after a group of companies complained to the regulator about the retailer’s default. The CAK started looking into Tuskys’ operations in April after reports emerged that it was not paying suppliers on time as provided for in their respective contracts. Besides the Sh884.3 million supplier debt admitted by Tuskys, the regulator also discovered that the retailer owed an additional Sh400.9 million through an independent investigation. CAK says Tuskys has presented a new plan to settle the remaining supplier debt over the next four months. Among other things, CAK ordered Tuskys to seek its approval before opening new branches or going into new ventures.

Source: Daily Nation July 20, 2020 15:22 UTC