StanChart eyes Nakumatt income over Sh1.9bn debt
Standard Chartered Bank Kenya is moving to seize rental income from four properties linked to the collapsed retailer Nakumatt Holdings to recover over Sh1.9 billion in unpaid loans. This action follows Nakumatt's failure to clear outstanding facilities, with the bank issuing a notice of its intention to appoint a receiver over the properties' income.
Why it matters
This development highlights the ongoing financial struggles and legal repercussions for collapsed businesses in Kenya, impacting creditors and potentially setting precedents for debt recovery in the region's retail sector.
Standard Chartered Bank Kenya has moved to take control of rental income from four properties linked to collapsed retailer Nakumatt Holdings as it intensifies efforts to recover more than Sh1.9 billion in unpaid loans.
StanChart has notified the retailer's holding company Nakumatt Investments Limited of its intention to appoint a receiver over income generated from properties in Nairobi, Nakuru and Mombasa after the borrower failed to clear outstanding facilities.
This follows a March 2026 demand that gave Nakumatt 90 days to rectify the default or face enforcement of the bank’s security, with the latest notice showing that the debt had continued to accumulate.
As at June 22, 2026, the bank said Nakumatt owed $335,525.83 (Sh43.5 million) on an overdraft facility, $6.99 million (Sh905.9 million) on a term loan and Sh967.2 million under an import invoice finance facility.
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