Controversial, I admit, but I've always harboured the belief Chris Kirubi was a public lynch pin in Uchumi's demise.
Yes yes I know about his related business transaction claims, and Bottlers/Hacco being paid earlier than regular suppliers, and the CEO who was related...
But I believe it was easier to blame him than accept true story of harsh battleground at the time:
1. Expansion was necessitated by entry of competition
2. Uchumi always had healthy reserves making it senseless to borrow, at first glance anyway
3. He was always personally invested (shares, reputation) making him top of line in case of losses
4. When thinks became difficult, Kirubi made strong moves to source experienced foreign partner, which was unfortunately vetoed as it was said he'd benefit most
5. Kirubi was hounded out as Chairman a full 2 years before bankruptcy. It was open knowledge of hostile relations with board, who carried the day, for almost full year before his exit.
6. Can't forget the Staff who pilfered their employer to early demise.
7. Boy did you see how Sameer fleed the scene after getting preview of the murky waters
Okay okay, I'm not saying he does not bear ANY responsibility, just that he's given a whole lot more than he deserves - so thinks the court today at least.
The Board of Directors and CEO and staff at the time, take the bigger pie in my book. Weren't they paid from 2004-2006? Who pitched the 2005 rights issue? financial advisors, auditors... Culpable!