Home Politics Uhuru Kenyatta Billionaire Atul Shah Cries, Lost Sh125Million In Nakumatt UKAY Demolition

Billionaire Atul Shah Cries, Lost Sh125Million In Nakumatt UKAY Demolition

33
0
SHARE

Nakumatt owner Atul Shah counted at least Sh125 million in losses on Friday, when agencies demolished Ukay Centre in Westlands, Nairobi county.

The former CEO, who witnessed the demolition of the building that housed the outlet, said he salvaged 50 percent of his property adding that the cost of the furniture inside the building was Sh125 million

Nakumatt went into voluntary supervision earlier this year after seeking protection from its creditors. Peter Kahi is the chain’s court-appointed administrator.

The retailer, which grew from a mattress shop in a rural town to have branches across Kenya and East Africa, was forced to shut more than a dozen outlets last year as it struggled to repay its suppliers, landlords and other creditors.

The multi-agency team handling Nairobi’s regeneration started demolishing the mall at about 5.30 am following an executive order.

CBD Chief Julius Wanjau, who is in charge of the operation, said they were not served with the court order that Ukay owners claim to have obtained.

Iconic Oshwal Centre in Westlands is also among the buildings earmarked for demolition in the ongoing reclamation of riparian land in Nairobi.

According to reports, the owners of Oshwal Centre held a meeting today and are currently moving their property out of the building, which might be the next in line to be demolished after Nakumatt Ukay which was flattened this morning.

This will be the fourth major building to go down in Nairobi after Java Kileleshwa, South End Mall along Ngong Road and Ukay Mall in Westlands.

National Environment Management Authority (Nema) says it is targeting over 800 buildings in the operatin in the country’s capital.

President Uhuru Kenyatta on Thursday called for the prosecution of Government officials behind approval for such buildings.

Already the Director of Public Prosecutions Noordin Haji has directed CID boss George Kinoti to open a probe on the approvals and report within 21 days.

LEAVE A REPLY

Please enter your comment!
Please enter your name here