“We will not reveal the identity of our investor” – Tuskys

Tuskys has rejected a creditors petition to reveal a mystery offshore investor.

They seek to rescue the cash-strapped retailer with Sh2.1 billion amid doubts in court over the existence of a deal with the fund based in tax-haven Cayman Islands.

The retailer has told the High Court it will continue to keep the identity of the fund secret, more than nine months after the supermarket chain announced a financing deal.

Creditors led by electronics firm Hotpoint Appliances have petitioned Tuskys in court to reveal the identity of the financier.

They are suggesting the retailer is using the Sh2.1 billion deal to delay a suit.

More than 60 creditors are pushing for its liquidation over unpaid supplies.

They also seek details of the loan agreement, including interest rate, repayment period and whether or not it is secured.

Tuskys says it will not reveal the identity of the investor and terms of the financing transaction.

The terms were last August fronted as a quick fix deal.

It was aimed at stabilizing operations and making it more attractive for an acquisition.

Tuskys had opted to sell assets expected to generate about Sh911 million, to avoid liquidation by more than 60 creditors.

The activity was to take place in some of its branches.

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