ebt -Billionaire Manu Chandaria has lost a multibillion family business after failing to pay $40 million or sh 4.3 billion debt.
The business with a household name Kaluworks which has been in operation for decades has therefore been put under receiver manager – a local bank associated with Kenyatta family.
Reports from the Business Daily indicated that the 92 year old business dealing in manufacturing of aluminium utensils has been struggling to run after recording weak sales for sometime now. Further it could not run well due to stiff competition from new digital players.
Kaluworks Limited, part of the aluminium production industry, is a company established by Chandaria’s father Premchandbhai Chandaria in 1929.
The organisation will now be run by the lending bank – which is predominantly owned by the Kenyatta family.
“Notice is given that the above company (Kaluworks) was placed under administration by the holder of a qualifying floating charge,” read part of the notice by the bank.
According to Kenyans.co.ke, Kaluworks Limited also owes another bank Ksh4.3 billion debt as well.