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Nakumatt: Another ailing Kenyan company
Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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How did they execute money laundering after the closure of Charterhouse? Life is short. Live passionately.
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Rank: Member Joined: 2/20/2015 Posts: 465 Location: Nairobi
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sparkly wrote:How did they execute money laundering after the closure of Charterhouse? The relathieves register offshore companies that source the imported merchandise and you (over)pay these companies...
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Rank: Veteran Joined: 1/10/2015 Posts: 961 Location: Kenya
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So nakumatt had zero assets. The stores were leased, even the shelves, check out POS machines etc were also leased, and the stock belonged to the suppliers. Proverbs 13:11 Dishonest money dwindles away, but whoever gathers money little by little makes it grow.
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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sqft wrote:So nakumatt had zero assets. The stores were leased, even the shelves, check out POS machines etc were also leased, and the stock belonged to the suppliers. The directors achieved their mission which was to use Nakumatt as a conduit to fleece suppliers,creditors and banks their money and use it for their personal interest Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 9/19/2015 Posts: 2,871 Location: hapo
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Ericsson wrote:sqft wrote:So nakumatt had zero assets. The stores were leased, even the shelves, check out POS machines etc were also leased, and the stock belonged to the suppliers. The directors achieved their mission which was to use Nakumatt as a conduit to fleece suppliers,creditors and banks their money and use it for their personal interest You are right. It was clear from the beginning. It is still happening with Naivas, and the Quickmarts. These retails so called giants have the same game plan. Get inventory. Promote the inventory. Pay after 180 days for the inventory. Don't buy property. Lease property using the name "anchor" tenant. This game has a law in other countries...Not in Kenya. Invoice laws should be very simple. 30 days from invoice. I think that's the law at least in the US and the UK it's 15 days. But in Kenya it's when the retail so called giant decides. Instead of Itumbi getting teargassed and Didi Nyoro quoting Africa and Uhuru getting high and Raila becoming an AU shit, we need laws . Laws to protect small businesses from these thieves. 15 days from invoice to payment is perfect. I promise and mark this post. Naivas will do the same As long as KRA is insisting on under 400k tax, then their needs to be a way for supliers to be protected from these people. But heck no. Kumira kumira. BBI. etc Nonsence!!!!! Thieves are not good people. Tumeelewana?
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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So this wasn't really a supermarket. System ya majambazi
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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Luwere. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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alma1 wrote:Ericsson wrote:sqft wrote:So nakumatt had zero assets. The stores were leased, even the shelves, check out POS machines etc were also leased, and the stock belonged to the suppliers. The directors achieved their mission which was to use Nakumatt as a conduit to fleece suppliers,creditors and banks their money and use it for their personal interest You are right. It was clear from the beginning. It is still happening with Naivas, and the Quickmarts. These retails so called giants have the same game plan. Get inventory. Promote the inventory. Pay after 180 days for the inventory. Don't buy property. Lease property using the name "anchor" tenant. This game has a law in other countries...Not in Kenya. Invoice laws should be very simple. 30 days from invoice. I think that's the law at least in the US and the UK it's 15 days. But in Kenya it's when the retail so called giant decides. Instead of Itumbi getting teargassed and Didi Nyoro quoting Africa and Uhuru getting high and Raila becoming an AU shit, we need laws . Laws to protect small businesses from these thieves. 15 days from invoice to payment is perfect. I promise and mark this post. Naivas will do the same As long as KRA is insisting on under 400k tax, then their needs to be a way for supliers to be protected from these people. But heck no. Kumira kumira. BBI. etc Nonsence!!!!! Uhuru,Raila, Itumbi,Ndindi are only interested in their personal businesses to thrive. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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Dear @AmanaCapitalKE , my investment in your unit trust was reduced by over 30% on account of @Nakumatt.Given the above, can I assume that my investment has gone down the drain? Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 6/26/2008 Posts: 384
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Circa 2014-2016, I remember how we used to lust for Nakumatt and we kept hoping it would go public so that we buy dem shares Good times......
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Info from unreliable source says nakumatt had another trick eg for citymall nyali, every developer wanted nakumatt to be their anchor tenant since it came with its own ecosystem including books first, bata , etc nakumatt would collect all rent in a mall complex and pay the landlord in 90 days, most landlords agreed since they wanted the mighty nakumatt and all the ecosystem, nakumatt also used to somehow raise real estate prices and rents of neighbouring developments. To Each His Own
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Rank: Member Joined: 1/15/2015 Posts: 681 Location: Kenya
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Ericsson wrote:alma1 wrote:Ericsson wrote:sqft wrote:So nakumatt had zero assets. The stores were leased, even the shelves, check out POS machines etc were also leased, and the stock belonged to the suppliers. The directors achieved their mission which was to use Nakumatt as a conduit to fleece suppliers,creditors and banks their money and use it for their personal interest You are right. It was clear from the beginning. It is still happening with Naivas, and the Quickmarts. These retails so called giants have the same game plan. Get inventory. Promote the inventory. Pay after 180 days for the inventory. Don't buy property. Lease property using the name "anchor" tenant. This game has a law in other countries...Not in Kenya. Invoice laws should be very simple. 30 days from invoice. I think that's the law at least in the US and the UK it's 15 days. But in Kenya it's when the retail so called giant decides. Instead of Itumbi getting teargassed and Didi Nyoro quoting Africa and Uhuru getting high and Raila becoming an AU shit, we need laws . Laws to protect small businesses from these thieves. 15 days from invoice to payment is perfect. I promise and mark this post. Naivas will do the same As long as KRA is insisting on under 400k tax, then their needs to be a way for supliers to be protected from these people. But heck no. Kumira kumira. BBI. etc Nonsence!!!!! Uhuru,Raila, Itumbi,Ndindi are only interested in their personal businesses to thrive. Who isn't?
60% Learning, 30% synthesizing, 10% Debating
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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kayhara wrote:Info from unreliable source says nakumatt had another trick eg for citymall nyali, every developer wanted nakumatt to be their anchor tenant since it came with its own ecosystem including books first, bata , etc
nakumatt would collect all rent in a mall complex and pay the landlord in 90 days,most landlords agreed since they wanted the mighty nakumatt and all the ecosystem, nakumatt also used to somehow raise real estate prices and rents of neighbouring developments. This is not true. Life is short. Live passionately.
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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sqft wrote:So nakumatt had zero assets. The stores were leased, even the shelves, check out POS machines etc were also leased, and the stock belonged to the suppliers. There was also the guy who cleaned his money there so they always had operating cash to cover up any "insider lending " but once he stopped the music stopped.
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Rank: Veteran Joined: 1/10/2015 Posts: 961 Location: Kenya
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https://www.nation.co.ke...a-legal-battles-1317216
Quote:Shoprite and Choppies retailers are set to exit the Kenyan market, citing unprofitability. Meanwhile, Naivas and Quickmatt are on a turbo-charged expansion spree. Proverbs 13:11 Dishonest money dwindles away, but whoever gathers money little by little makes it grow.
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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sqft wrote:https://www.nation.co.ke/kenya/news/shoprite-choppies-exit-kenya-legal-battles-1317216 Quote:Shoprite and Choppies retailers are set to exit the Kenyan market, citing unprofitability. Meanwhile, Naivas and Quickmatt are on a turbo-charged expansion spree. Tuskys already feeling the heat. Is it that the economy is overrated or supermarket business in Kenya is a fraud? In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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Angelica _ann wrote:sqft wrote:https://www.nation.co.ke/kenya/news/shoprite-choppies-exit-kenya-legal-battles-1317216 Quote:Shoprite and Choppies retailers are set to exit the Kenyan market, citing unprofitability. Meanwhile, Naivas and Quickmatt are on a turbo-charged expansion spree. Tuskys already feeling the heat. Is it that the economy is overrated or supermarket business in Kenya is a fraud? Supermarkets have names. e.g., there is a supermarket called "naivas". These names are brands. Brands run out of fashion. The name/brand "Tuskys" is quickly running out of fashion. To be a top supermarket in Kenya and to avoid running out of fashion, you must have a branch where middle-class core is located. Middle class loves fads. Dumb money becomes dumb only when it listens to smart money
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Rank: Elder Joined: 3/19/2010 Posts: 3,503 Location: Uganda
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sqft wrote:https://www.nation.co.ke/kenya/news/shoprite-choppies-exit-kenya-legal-battles-1317216 Quote:Shoprite and Choppies retailers are set to exit the Kenyan market, citing unprofitability. Meanwhile, Naivas and Quickmatt are on a turbo-charged expansion spree. That expansion spree is unsustainable..watalia.ngoja tu punda amecheka
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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https://www.businessdail...0842-pqo22oz/index.html
DTB is owed ksh.3.6bn Stanchart ksh.900mn KCB ksh.1.9bn Bank of Africa ksh.328mn UBA ksh.126mn GTB Ksh.104mn Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 3/16/2019 Posts: 313
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Ericsson wrote:https://www.businessdailyafrica.com/corporate/companies/ExNakumatt-CEO-loses-Sh2bn-assets/4003102-5610842-pqo22oz/index.html
DTB is owed ksh.3.6bn
Stanchart ksh.900mn
KCB ksh.1.9bn
Bank of Africa ksh.328mn
UBA ksh.126mn
GTB Ksh.104mn
The commercial paper holders will get nothing according to the administrator.
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Nakumatt: Another ailing Kenyan company
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