This is the latest in an aggressive debt recovery strategy by the receiver manager, who recently also took over two other firms for non-payment of the lender’s loans.

Mr Bhatt disclosed that Imperial Bank appointed him receiver and manager of Salute Holdings Limited on May 5, 2026, paving the way for a takeover that will see him oversee all of the company’s businesses.

“The purpose of this notice is to notify all interested stakeholders that following the Receiver’s appointment, the affairs and business of the company shall be directed by the receiver,” said Bhatt in a notice published on Daily Nation on Thursday.

“The powers of the Receiver extends to all assets and undertakings of the company,” he added. 

The takeover of Salute Holdings came days after Mr Bhatt placed Sparetech Trading Company Limited and Mawa Dairy Farm Limited under receivership in the latest asset recovery drive by Imperial Bank.

The government, through the Kenya Deposit Insurance Corporation (KDIC), placed Imperial Bank under receivership on October 13, 2015, following the discovery of a multibillion-shilling fraud orchestrated through undisclosed insider lending and irregular transactions.

Since then Imperial Bank has been running as a going concern with the government hoping to turn it around and recover the depositor’s cash.

Certain assets and liabilities of Imperial Bank were taken over by KCB Bank Kenya, leaving the troubled lender to focus on recovering the bad debt to repay creditors including depositors not covered by government guarantees.

Salute Holdings’ flagship technology business is iWorld, one of the largest authorised resellers of all Apple products in the region. Apple products sold at iWorld include iPhone, iPad, Mac, Apple Watch, AirPods and accessories. Apple-certified repairs and servicing are also done at iWorld. 

Besides Apple products, Salute iWorld also stocks premium accessories from brands such as Belkin, Promate and Beats.

Belkin is one of Apple’s longest-standing accessory partners and manufactures. Its products include wireless chargers, charging cables, power banks, USB-C hubs and docking stations, and screen protectors.

Promate Technologies is a Dubai-based company that designs and distributes mobile and computer accessories in more than 150 countries. Its products include phone chargers, power banks, Bluetooth speakers, earphones and headphones, smartwatches, laptop bags and car chargers.

Other businesses under the Salute stable include SportsPlanet, the group’s sports and lifestyle retail chain that sells sporting goods, fitness equipment, apparel and footwear from international brands such as Nike, Adidas, Puma, Grays, Gilbert and Bestway.

The third business is Sensations, a lifestyle retailer specialising in premium audio products, personal electronics, travel accessories, smart gadgets and other consumer technology products from leading global brands.

In line with the Insolvency Act, the current directors of Salute Holdings, including its founder Vivek Mehra, have lost their powers to deal with the company’s business and assets.

Mr Mehra founded Salute Holdings in 1999 as a distributor of premium international consumer brands in East Africa.

The company later became one of the region’s largest Apple-authorised resellers through its Salute iWorld chain.

“Any person who purports to hold, receive, use, or attempts to buy or sell, contract, or otherwise deal or otherwise deal with the assets of the company or with the company without the prior written consent of the receiver will be acting in contravention of the law and will be liable to legal action,” said Bhatt while giving creditors 30 days to lodge their claims with him.

“The directors are required to furnish the receiver the statement of affairs within 12 days, from the date of this notice. The receiver acts on behalf of the company without any personal liability.”