Former Kenya Private Sector Alliance (KEPSA) Chair Nicholas Nesbit was charged on Thursday with defrauding Bidco Africa CEO Vimal Shah of Sh102 million in a foreign exchange transaction.
Nesbit appeared before Senior Principal Magistrate Gilbert Shikwe at Milimani Court in Nairobi, where he was formally charged with conspiracy to defraud, contrary to Section 317 of the Penal Code.
Allegations Against Nesbit
The prosecution alleges that on May 24, 2023, Nesbit conspired to defraud Vimal Bhimji Shah of Sh102,437,500 by falsely claiming he was in a position to convert the money into US dollars.
Nesbit denied the charges and was granted a cash bail of Sh500,000 or an alternative bond of Sh1 million pending further court proceedings.
Defense and Counter-Accusations
The former KEPSA boss has insisted that Shah should also face charges, arguing that the businessman attempted to bypass foreign exchange regulations set by the Central Bank of Kenya (CBK). Nesbit’s legal team, led by lawyer Danstan Omari, claims that Bidco Africa sought to acquire the foreign currency outside of approved CBK avenues, making Shah complicit in the disputed transaction.
In a formal petition to the Director of Public Prosecution (DPP), Nesbit’s legal team has requested a review of the case, asserting that the circumstances warrant an investigation into both parties.
Legal Developments and Next Steps
Nesbit was arrested on January 14, 2025, by officers from the Directorate of Criminal Investigations (DCI) Serious Crimes Division. Four witnesses, including Shah, have been lined up to testify against him in the fraud case.
The case continues to unfold as the court deliberates on the arguments presented by both parties, with potential implications for foreign exchange regulatory compliance in Kenya’s corporate sector.
