Uchumi Taj Mall spared auctioneer's hammer

Taj Mall has called off the auctioneering of Uchumi Supermarkets’ goods. The auction was supposed to happen today, but has been called off after what one of Taj Mall owners, Ramesh Gorasia, described as “amicable settlement” was reached.

The Embakasi-based mall owners had hired Moran Auctioneers to put all Uchumi Supermarkets’ goods under the hammer, after the troubled giant retailer failed to pay rent arrears amounting to Sh50 million. The retailer is said to have been paying slightly over Sh5 million every month at Taj Mall. The 10-year lease between Taj Mall and Uchumi Supermarkets was to expire in 2021.