Sharp Daily
No Result
View All Result
Saturday, June 28, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

High Court deals blow to Uchumi Supermarket in land sale dispute

Editor SharpDaily by Editor SharpDaily
November 14, 2023
in News
Reading Time: 1 min read

The high court has issued an order permitting the sale of land on Langata Road by United Africa Bank (UBA).

Justice Mabeya ruled that the retailer failed to fulfill its commitment to repay the debt through a Company Voluntary Agreement (CVA).

The judge criticized the company for making “beautiful promises” without tangible action, stating that creditors require substantive and practical proposals.

UBA had initially planned to sell the land last year but postponed the decision when the government indicated its intention to compulsorily acquire the Langata land, with UBA prioritized as the first creditor to be repaid. Despite the government’s announcement, the plan was not implemented.

RELATEDPOSTS

Retailer Uchumi in legal tussle as tenant demands KES 4.5 million compensation

September 23, 2024

Treasury ordered to resolve Uchumi debt crisis

November 29, 2023

Uchumi, in an affidavit, argued that the CVA remained valid and had undergone revisions in consultation with creditors.

The company claimed that UBA had not obtained consent from other lenders, such as the government and ICDC Ltd, seeking KES 1.2 billion and KES 116 million, respectively.

UBA countered, asserting ignorance of the alleged meeting and emphasizing the lack of an invitation.

The bank also stated its non-recognition of the revised CVA. Justice Mabeya observed that Uchumi had failed to honor the CVA and had not made efforts to repay creditors.

Additionally, the court noted a significant delay in convening a creditors meeting, and criticized the supervisor for attempting to alter the original CVA to benefit the company. Justice Mabeya concluded, “With such failure, the default clause in the CVA has kicked in.”

Previous Post

Chinese firms boost Africa’s infrastructure development, report reveals

Next Post

Global workspace giant IWG enters Nairobi’s business hub

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

News

Private vs Public Pension Funds in Kenya

June 27, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025

LATEST STORIES

Private vs Public Pension Funds in Kenya

June 27, 2025

The mechanics of currency manipulation

June 27, 2025

Understanding how to access your pension savings in Kenya.

June 27, 2025

What happened to president Ruto’s economic dream?

June 27, 2025

Opinion: Populism feeds votes, not growth

June 27, 2025

Competitive advantages of small businesses

June 26, 2025

Opinion: Invest in sports for national prosperity

June 26, 2025

Ethiopia’s access to Eritrean ports is a game-changer for trade

June 26, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024