Thursday, Sep 24, 2020
HomeBusinessMarketsMeeting Put On Hold As Audit Into Nakumatt’s Books Is Yet To Be Completed.

Meeting Put On Hold As Audit Into Nakumatt’s Books Is Yet To Be Completed.

The second Nakumatt holdings creditors meeting that had been scheduled for today has been postponed indefinitely.

Peter Kahi, the firm’s administrator, has blamed this on the ongoing financial audit process of the struggling retail chain, which is currently under administration.

The meeting was to be undertaken once a clear financial position of the company and an audit had been undertaken.

The administrator confirmed that the audit firm undertaking the scrutiny of the retailer’s books covering a period of three years had not completed the assignment and is currently perusing through Nakumatt 2016/17, 2017/18 and 2018/19 accounts.

Kahi however disclosed that Nakumatt has made significant business recovery and is now enjoying an almost breakeven operating position for four of the six operational branches.

Two branches are also expected to attain break-even levels by the end of the year.

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