Kevian Kenya Ltd Managing Director Kimani Rugendo (left) and Uchumi Supermarkets CEO Julius Kipn'getich display a dummy cheque - of money paid out to some of the supermarket's suppliers - at Uchumi Hyper on July 14, 2016. The supermarket has had to close down several branches. PHOTO | SALATON NJAU | NATION MEDIA GROUP
Uchumi CEO Julius Kipng’etich said no deal had been reached with the company but declined to speak about the case further.
Uchumi’s fear is that if they lose the appeal they will be forced to accept Sidhi’s initial offer of Sh186 million though the land is worth 15 times that amount today.
It recently sold off a piece of land in Ngong Hyper to pay off a Sh900 million loan owed to Kenya Commercial Bank.
Troubled supermarket chain Uchumi may have to pay more than Sh700 million to a company associated with a wealthy controversial businessman from Ukambani.
This is from proceeds of an anticipated sale of a 20-acre prime piece of land in Kasarani area valued at Sh2.4 billion, which the retailer wants to dispose of.
