NAIROBI, Kenya, Nov 11 – Parliamentary scrutiny of the proposed sale of shares in supermarket chain Quickmart has intensified, with legislators demanding a special audit to establish whether the transaction exposes Kenyan investors to financial losses.
The National Assembly’s Public Investments Committee on Commercial and Energy Affairs, chaired by Pokot South MP David Pkosing, questioned the Capital Markets Authority (CMA) over its decision to approve the transaction, raising concerns that the deal could be used to extract money from the retailer before its eventual collapse.
During a tense appearance before the committee, MPs questioned whether the regulator had adequately examined the financial health of Quickmart and put in place sufficient safeguards to protect Kenyans seeking to acquire shares in the supermarket.
The legislators drew parallels with the collapse of major retail chains, including Nakumatt, Uchumi and Tuskys, warning that ordinary investors could once again bear the consequences of inadequate regulatory oversight.
Kaloleni MP Paul Katana led the criticism, accusing the CMA of failing to protect Kenyan investors and allowing questionable transactions to proceed despite the country’s history of supermarket collapses.
Katana challenged the authority to explain what concrete measures it had taken to prevent a repeat of the losses suffered by Kenyans following the collapse of major retail businesses.
