Nairobi, March 5 -- Standard Chartered Bank Kenya has threatened to auction four properties linked to Nakumatt Holdings after the collapsed retail chain defaulted on loans worth more than Sh1.9 billion.

The lender issued a statutory notice demanding settlement of debts secured by parcels of land in Nairobi, Nakuru and Mombasa. Failure to pay within 90 days could trigger the sale of the properties.

The bank says Nakumatt Holdings owes Sh967.1 million under an import invoice finance facility. It also owes $331,872.95 (about Sh42.8 million at current exchange rates) under an overdraft and $6.99 million (Sh903.4 million) under a term loan. These credit facilities were secured by the securities provided by Nakumatt Investments Limited and Cr...