Stephen Mukuha, a director at Tuskys Supermarket, is dead. Mukuha passed away on Sunday at a Nairobi hospital, according to the family.
Mukuha his brother Gachwe Sammy Gatei were charged with theft of Ksh1.64 billion from the retail chain. The two own a 17.5 percent stake in Tuskys each.
Mukuha’s death comes at a time the retailer is fighting to remain afloat despite shutting down most of its branches amid a choking debt load of over Ksh6 billion owed to creditors.
Tuskys has been banking on a Ksh2 billion capital injection to reduce the debt burden and turn things around, but things seem not to be working out. So far, the retailer has received only Ksh500 million from a Mauritius based investor.
Last year, the retail chain opted to sell assets in some of its branches to avoid liquidation by more than 60 creditors following delays in receiving a Ksh1.6 billion debt from an undisclosed Mauritius firm.