Former Nakumatt’s CEO ordered to pay Sh 100 million to I&M Rwanda

Justice David Majanja, Nairobi’s high court judge has allowed I&M Rwanda to recover almost Sh100 million from the former chief executive officer of Nakumatt Mr. Altulkumar Maganlal Shah.

Nakumatt former CEO who had appeared before the High Commercial Court in Rwanda and he guaranteed several loans given to Nakumatt Rwanda in case it was defaulted. This prompted lenders to file a case against him.

The Rwandan court had ruled in favor of I&M bank Rwanda and the lenders were to recover Sh98.88 million.

The Nairobi High Court judge in his ruling said that the bank had satisfied the conditions for the judgment granted to them by its counterpart in Rwanda and they were to enforce the ruling since Mr. Shah had refused to pay.

On top of the Sh98.88 million owed to the bank, court ordered Mr. Shah to pay the lawyers’ fee of Rwandan Franc (Rwf) 600,000 and Rwf 100,000 respectively, later he filled an appealed which was dismissed and further coasted him an increment of the lawyers’ fee of Rwf 900,000 (Sh 95,319).

Though the former CEO had agreed to pay all his loans without complications he is yet to pay for Rwf1,053,450,610 (about Sh111,649,480) as at January 19, 2018.

In Kenya, the banks that are owed billions of shillings have located 11 real estates that of Sh 3.68 billion that are linked to Nakumatt’s former CEO and his family for a possible seizure.

The assets include shopping malls, office blocks and prime land in Nairobi, Mombasa and Nakuru.

The banks, suppliers and landlords, and the administrators who are owed Sh38 billion by Nakumatt will have to share out about Sh422 million that was raised from the sale of six Nakumatt branches to Naivas.