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Banks fight over Nakumatt estate

Nakumatt Holdings MD and CEO Atul Shah during demolition of Ukay Centre. [Jonah Onyango, Standard]

A showdown is looming after the Sh2 billion Nakumatt head office charged to four banks was yesterday put on auction by one of the lenders.

Last week, Bank of Africa won the claim to the property in court, seeking to sell it and recover a Sh700 million loan advanced to the collapsed supermarket chain.

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