Harveen Gadhoke of Adili Associates has been appointed to turn around impoverished Savannah Cement with the view of recovering KES10bn (US$72.8m) owed to KCB and Absa Bank Kenya.
Savannah Cement has been in court for the past year, disputing the debt of over KES7bn owed to KCB Bank and over KES3bn owed to Absa Bank.
The cement firm has been facing financial challenges for the past three years. It closed briefly in late 2021, forcing all employees to proceed on a 10-day break to pave the way for “plant maintenance”.
In a notice, the administrator took charge of the company on 12 May. On Friday, the High Court in Nairobi lifted the order granted to the cement maker in December, stopping the appointment of the administrator and the banks from seizing its assets.
