This is a very serious indictment of our capital markets authority if basic accounting standards cannot be adhered to and come to light a full 2 years later. As if that is not damning enough, no action will be taken against the culprits. This and the britam saga makes for very grim reading for new capital to participate in the NSE.

[quote=Gatheuzi]Uchumi secures 500M to pay suppliers claims oustanding for more than 90 days. What I found interesting is that even with sale of 2B in assets, it is just the remainder of suppliers with over 90days claims that will be paid. So not everyone gets paid and no cash balance for working capital. Factor in the rent of the sold properties and you will see where we are headed....another rights issue...

[quote=nation]“We have obtained Sh500 million funding from our bankers which is available to pay part of the debt as we finalise the disposal of non-core assets worth over Sh2 billion to pay the remainder of the debt over 90 days old,” said Ms Mire.

“After stripping out the revaluations, we calculate that Uchumi would have reported a Sh123 million loss in 2013 against the Sh357 million profit it reported and a Sh336 million loss in 2014 compared to the Sh384 million profit it declared,” Exotic analysts say, adding that they expect the retail chain to make a Sh413 million loss because of an even weaker top-line performance and increasing overhead costs.

For whom were jails made?

It's like restating results is a CMA requirement