One of business mogul Manu Chandaria’s companies, namely Kaluworks Limited, has been placed under receivership following a huge debt the company owes NCBA.

The business that has been owned by the Chandaria family for about 90 years owes NCBA Sh. 4.3 billion shillings.

The receiver-manager of the firm, Pongapipalli Rao, announced on Friday that the company has been placed under administration.

"Notice is given that the above company (Kaluworks) was placed under administration on May 27, 2021, by the holder of a qualifying floating charge," announced Rao.

Kaluworks Limited has in the past few years suffered week sales and stiff competition from other manufacturers.

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The company that is known for the manufacture of aluminium ‘sufurias’ and roofing materials is a subsidiary of a company owned by Comcraft Group and the majority shareholder is Manu Chandaria.

Manu made it on the list of the wealthiest men in Africa in 2012 by Forbes Magazine.