Audit report reveals Uchumi lost Sh900m raised from rights issue

Uchumi lost all of the Sh900 million that was raised in late 2014 to thieving managers, in a fresh shocker for investors of the troubled retailer.

Findings of a forensic audit commissioned by the newly-constituted board of directors have unearthed the scale of the rot in the firm where its resources were plundered in a ‘free for all’ grab.