Atul Shah, the former chief executive of the defunct retail giant, Nakumatt, may lose his Lavington home to auctioneers this month.
This is after defaulting on an Sh2 billion KCB loan he guaranteed for the store,
When the auctioneer’s hammer falls on August 24, the bank, through Phillips International Auctioneers, will sell the four-bedroom villa with a servants quarter.
“On August 24, we will sell it at public auction. “We’re looking at Sh30 million,” a Phillips International Auctioneers spokesperson told the Business Daily yesterday.
Mr. Shah had utilized the house as additional security for the several bank loans because he was Nakumatt’s guarantor.
According to court records, KCB had previously sold Mr Shah’s premium property in Nairobi’s Industrial Area to Furniture Palace International Ltd for Sh1.04 billion.
In 2011, the Lavington mansion was offered as collateral for the multi-billion shilling debts, and it was valued at Sh25 million.
Mr Shah, who had occupied the corner office of the regional retail business for decades, has reached a new low with the sale of his personal property.
As a result, worldwide publications such as the Financial Times named the former Nakumatt CEO as one of the world’s top 50 most powerful businessmen.
After the fall of the Nakumatt empire, the 59-year-old billionaire has decided to stay out of the spotlight.
*This article was written by Gerald Gekara for Uzalendo News. Email: uzalendonews@gmail.com for News tips and Inquiries.
