Karuturi Global Ltd

The Competition Authority of Kenya (CAK) has approved the sale of more than 100 hectares of Karuturi Flower Farm in Naivasha by Shalimar Flowers.

The Competition Authority of Kenya has given a ray of hope to more than 3,000 workers of Karuturi Flowers (200 ha) after it approved its purchase by Shalimar Flowers Kenya Limited.

Assets up for grabs include a 70-hectare piece of land and greenhouses sitting on 26 hectares of land

Stanbic Bank has received the nod to proceed with a piecemeal auction of assets of one of Kenya’s largest flower farms, Karuturi Limited to recover a Sh1.6 billion debt.

In the yesteryears, international investors trooped to the Kenyan lakeside town in search of land to grow flowers but it is no longer the case.

Cash-strapped Karuturi Flowers in Naivasha is back in court in a bid to stop receiver managers from auctioning its property over Sh1.8 billion debt

3,000 former workers of the once flourishing Naivasha based flower farm have been gien two months notice to move out and pave way for the sale of the staff quarters.

Elara India Opportunities Fund, which Indian lawmakers suspect may be linked to Gautami Adani, was the largest foreign shareholder in Karuturi Global Ltd, owning 3.25% of the company in 2018.

Banks receive nod to auction Karuturi assets in Kenya

Seven years after the farm was placed under receivership due to debts owed to Kenya Revenue Authority and a local bank, the final nail has been hammered on its coffin. Workers now worry for the Sh300 million they are owed in salary arrears, union dues and savings.

Stanbic Bank, in Kenya, is now free to auction assets of Karuturi Ltd over a debt of USD 16.6 million after the Supreme Court dismissed an appeal by its shareholders and guarantors.

In an order dated January 25, 2021, Honorable NCLT Bengaluru has initiated liquidation proceedings in the matter of Karuturi Global Ltd.