The former chief executive of the fallen retail giant Nakumatt, Atul Shah, will lose his Lavington home to auctioneers this month after defaulting on a Sh2 billion KCB loan he had guaranteed the supermarket.
The bank, through Phillips International Auctioneers, will sell the four-bedroom villa with a servants quarter when the auctioneer’s hammer falls on August 24.
“We will sell it through public auction on August 24. We are looking at Sh30 million,” a representative from Phillips International Auctioneers told the Business Daily yesterday.
Mr Shah, as Nakumatt’s guarantor, had used the property as additional security to offer comfort to the multiple bank loans.
KCB had earlier sold Mr Shah’s prime property in Industrial Area, Nairobi, to Furniture Palace International Ltd for Sh1.04 billion, court records show.
The Lavington home was offered as security in 2011 and accounted for Sh25 million in the multi-billion shilling loans.