After more than two decades at the top of Kenya's biggest retailer Atul Shah finally steps down for Peter Obondo Kahi
Mr. Kahi is a Partner at PKF Kenya and has experience in turning around distressed businesses.
Mr. Shah officially hands over management of the supermarket chain to court appointed administrator, Peter Obondo Kahi, days after a judge granted the order.
The High Court approved Kahi’s appointed as an administrator on Monday and on Wednesday he officially took over.
Mr. Kahi is a partner at PKF Kenya and has experience in turning around distressed businesses.
PKF is a global family of legally independent firms which provide analysis and clear solutions in Assurance, Advisory, Taxation and Business Services for companies around the globe.
He is expected to manage the settling of debts estimated at more than $300 million and would try to revive the once booming retail chain in a slimmed down version with about 20 branches, down from 62 at its peak.
He is expected to convene a meeting with all creditors within sixty days from the time he took the reins of cash strapped Nakumatt supermarket.
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