(NAIROBI, KENYA) – Imperial Bank, operating under receivership, has taken control of Salute Holdings Limited, one of East Africa’s largest authorised distributors of Apple products. The move is part of a wider push by the lender to recover billions of shillings owed by borrowers following its collapse in 2015.
The court appointed receiver manager, Kamal Anantroy Bhatt, announced the takeover in a public notice. He stated that he was appointed receiver and manager of the Nairobi based firm on 5 May 2026. The appointment gives him authority over all of the company’s business operations and assets. The notice was published in the Daily Nation newspaper on Thursday.
The takeover arrived shortly after Mr Bhatt placed two other companies, Sparetech Trading Company Limited and Mawa Dairy Farm Limited, under receivership. The string of actions signals an accelerated effort to recover bad debts on behalf of the failed bank.
The government, through the Kenya Deposit Insurance Corporation, placed Imperial Bank under receivership on 13 October 2015. The action followed the discovery of fraud worth billions of shillings, carried out through undisclosed insider lending and irregular transactions. Since then, the bank has continued to operate as a going concern while authorities work to recover funds for creditors.
Certain assets and liabilities of Imperial Bank were later transferred to KCB Bank Kenya. The remaining entity was left to focus on recovering bad loans to repay creditors, including depositors whose funds were not covered by government guarantees.
Salute Holdings operates three main retail businesses. Its flagship division is iWorld, which functions as one of the region’s largest authorised resellers of Apple products. The chain sells iPhones, iPads, Mac computers, Apple Watches, AirPods and accessories. It also offers Apple certified repairs and servicing. Beyond Apple goods, iWorld stocks premium accessories from brands including Belkin, Promate and Beats. Belkin is a long standing Apple accessory partner, making wireless chargers, cables, power banks, USB-C hubs and screen protectors. Promate Technologies is a Dubai based firm that designs and distributes mobile and computer accessories in more than 150 countries.
The company’s second business is SportsPlanet, a sports and lifestyle retail chain selling sporting goods, fitness equipment, clothing and footwear from international brands such as Nike, Adidas, Puma, Grays, Gilbert and Bestway. The third unit is Sensations, a lifestyle retailer focused on premium audio products, personal electronics, travel accessories, smart gadgets and other consumer technology items from leading global brands.
Under the Insolvency Act, the current directors of Salute Holdings, including founder Vivek Mehra, have lost their powers to deal with the company’s business and assets. Mr Mehra established Salute Holdings in 1999 as a distributor of premium international consumer brands in East Africa. It later grew into one of the region’s largest Apple authorised resellers through the iWorld chain.
Mr Bhatt stated that any person who attempts to hold, receive, use, buy, sell or otherwise deal with the assets of the company without his prior written consent would be acting against the law and would face legal action. Creditors have been given 30 days to submit their claims to the receiver. Directors are required to provide a statement of affairs within 12 days from the date of the notice. The receiver acts on behalf of the company without personal liability. No financial details of the debt owed by Salute Holdings were disclosed.