Former employees of Nakumatt Holdings have been invited to a meeting with the trustees and the liquidator to discuss the process of accessing their benefits.
In a notice issued on Friday, August 23, Nakumatt asked members who have not yet accessed their pensions to do so before August 30, 2024, as the scheme approaches liquidation.
“Members of the above scheme who have not collected their benefits from the scheme are invited to meet the Trustees and the Liquidator at Mombasa Sports Club in Mombasa on 29th and 30th August 2024 from 9am,” reads the notice in part.
The meeting will discuss how the trustees can access benefits as the scheme is being closed on liquidation.
“Those who are on WhatsApp Group, please inform your fellow members provided they still have benefits in the scheme,” the notice further reads.
Those seeking to access their pension benefits must provide necessary documents to prove their eligibility.
“Please come with necessary documents to prove you were a member of the scheme,” Nakumatt added.
Nakumatt Pension Scheme Dissolved Earlier
In 2019, former employees of Nakumatt were dealt a massive blow after the Retirement Benefits Authority (RBA) announced that their pension scheme would be dissolved raising fears among the former employees.
“The RBA has approved the winding up of the above scheme and Mr. Vincent Charles Karani has been duly appointed the liquidator of the scheme,” stated the RBA then.
In 2020, Nakumatt creditors voted to dissolve the former giant retailer, dimming any hopes of recovering Ksh38 billion the supermarket owes creditors.
About 97 percent of the 169 creditors present at the meeting in Nairobi supported the retail chain’s dissolution, formally marking the end of the Nakumatt brand.
The Fall of the Giant Retailer
Nakumatt, which sought the High Court’s approval to be placed under administration in October 2017, had 62 branches across the East African region, making it one of the largest employers in the area.
At its peak, the supermarket chain, which began as a shop in Nakuru, expanded to employ approximately 4,000 individuals and operated 64 stores across Kenya, Uganda, and Rwanda.
However, it experienced a rapid financial meltdown, burdened by overwhelming debts and mismanagement.
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The creditors involved in the liquidation included banks, suppliers and landlords who claimed Nakumatt Holdings Ksh38 billion.
The liquidation plan was presented by Peter Kahi, the court-appointed independent administrator of troubled retail chain.
However, in 2021, the High Court ruled against the liquidation of Nakumatt Supermarket.
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