UBA in fresh bid to sell Uchumi land

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Business Daily | by Bonface Otieno


UBA Bank has revived its bid to sell troubled Uchumi’s Supermarket land situated on Langata Road over a debt of Sh172 million.

In an application before the High Court, UBA says Uchumi has failed to implement a Company Voluntary Agreement (CVA) agreed in March last year between the supermarket and 121 suppliers on how to settle Sh4.2 billion owed to them.

Under the CVA agreement that was initially opposed by UBA Bank, the retailer was to form a committee to ensure the payments are…

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