Former Uchumi CFO Chadwick Okumu Appointed Tuskys Financial Controller

Chadwick Okumu Omondi
Chadwick Okumu Omondi. [PHOTO/ COURTESY]

Cash strapped Tuskys appointed Uchumi Chief Financial Officer Chadwick Omondi Okumu as its new financial controller.

Okumu takes the place of Daniel Ndirangu who left the supermarket in July 2020.

Okumu has previously worked with Uchumi as its Head of Finance for eight years. He also worked with Reckitt Benchiser and Keroche Breweries.

Okumu was sacked from the collapsed retailer alongside Uchumi Chief Executive Officer Jonathan Ciano over alleged fraud and misconduct.

He was arrested in September 2016 over allegations of unscrupulous dealings at Uchumi after an audit by KPMG.

Chadwick Okumu holds a Bachelor of commerce in Accounting and is presently pursuing a Masters of Business Administration (Finance).

Tuskys has been facing cash flow issues that has seen it sack hundreds of employees, while some of its branches were raided by auctioneers for failing to pay creditors.

Read: Tuskys To Be Liquidated In 45 Days Over Ballooning Debt

Last week, Tuskys was been given 45 days to pay 13 retailers Ksh248 million or risk liquidation.

In a case filed by electronics dealer Hotpoint and supported by 12 other creditors, the cash-strapped retailer asked for 45 to 60 days to come up with a payment plan.

“Shareholders have been meeting to approve the injection of capital to rescue the business. The same was voted on and what follows was finalizing the debt transaction that was meant to turn around biz and pay both secured and unsecured creditors,” Tuskys argued.

Brookside, Greenspan Mall, Kenblest, Vitafoam, Standard Group Plc, United Millers, Rentco Africa, Textplus Industries, Delight Limited and two individuals namely John Maina, and Eliud Mburu.

In August, Tuskys confirmed that it had signed terms of agreement with a Mauritius based fund for the provision of a financing facility amounting to Ksh2 billion.

In a statement, Tuskys said that the money will be released subject to fulfilling transaction condition precedents.

The funding would help alleviate the current capital constraints that has seen the retailers shelves run empty as creditors threaten to withdraw

“As previously communicated, we wish to reiterate our commitment to resolve the underlying working capital challenges quickly. This funding will provide the needed impetus to our overall capitalization journey,” said Tuskys chairman Bernard Kahianyu.

“The Tuskys Board and Management will engage all stakeholders in the coming days to agree on business modalities going forward.”

The retailer however did not reveal the name of the fund.

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