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{
    "id": 1368529,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1368529/?format=api",
    "text_counter": 104,
    "type": "speech",
    "speaker_name": "Soy, UDA",
    "speaker_title": "David Kiplagat",
    "speaker": null,
    "content": " Thank you, Hon. Speaker. Pursuant to Standing Order 44(2)(c), I rise to request a statement from the Chairperson of the Departmental Committee on Finance and National Planning regarding the impending sale of Uchumi Langáta Hyper LR No. 209/12593 under Insolvency Petition 25 of 2018 by the UBA Bank. Uchumi Supermarkets Limited is a public limited liability company in Kenya that was placed under receivership in 2006 after 30 years of operation. The Company closed down its operations due to financial woes. Since 2020, it has been operating under a Company Voluntary Arrangement (CVA). The arrangement allowed the restructuring of its debts to be paid over a period of six to 10 years. Whereas the agreed CVA was to be financed by proceeds of the sale of the Kasarani Mall property, Uchumi has been unable to sell the said property due to disputes. The Company has a revised CVA approved with creditors on 31st August 2023 to allow settlement of the creditors’ debts in two lumpsum payments with proceeds from the sale of two separate parcels of the Kasarani Mall properties, namely LR 5875/2 and LR 23393. Following the Company’s inability to implement the revised CVA, UBA Bank filed Insolvency Petition 25 of 2018, seeking leave to sell the Langáta property LR No. 209/12593, charged under its name, in order to recover its principal loan amounting to Ksh161,502,101, including interest. In 2017, the National Treasury loaned Uchumi Ksh1.2 billion and charged it on the same property. Uchumi’s appeal to the National Treasury and Economic Planning to support its defence against the imminent sale has been met with a cold response. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}