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Tuskys Supermarket Given Ultimatum to Pay Ksh 248 Million Debt

Kenyan retailers and shop owners will now be required to pay suppliers interest on delayed payments in new rules published by the Competition Authority of Kenya (CAK).

Tuskys Supermarket Karen branch

Retailer, Tuskys Supermarket has been given a 45-day ultimatum to pay the outstanding balance of nearly Ksh 248 million owed to suppliers.

High Court Judge, Justice Francis Tuiyott, gave the directive in response to creditor’s demands that the retailer has not been responsive to them.

“You’ve heard the concern of the creditors, they need a quick closure of the matter and you need to share information with them. I will require you to report to the court within 45 days and if you’ll not disclose the information this court will frown upon it,” the judge said.

Hotpoint electronics had moved to court seeking to compel the retailer to clear the arrears. Other creditors include Brookside, Greenspan Mall, Kenblest, Vitafoam, Standard Group Plc, United Millers, Rentco Africa, Textplus Industries, Delight Limited, and two individuals namely John Maina, and Eliud Mburu.

The case will be mentioned on November 17.

Early in the week, Tuskys shareholders approved the KSh2 billion credit deal with a Mauritius based Fund.

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