Former chairman of Kenya Private Sector Alliance (KEPSA) Nicholas Nesbit has been charged with conspiracy to defraud Bidco Africa Chief Executive Officer Vimal Shah.
Nesbit, also a former Chairman of Kenya’s Capital Markets Authority, on Thursday, January 30, 2025, denied the charge before Milimani High Court Senior Principal Magistrate Gilbert Shikwe.
Nesbit, together with Mehmet Bulent Boytorun, who was not in court, are charged with conspiring to defraud Shah of Ksh102,437,500 with a promise to get him US dollars at a fair rate compared with what official channels were offering around May 2023.
A company called Bee N Bee Kenya Limited is also listed in the chargesheet as an accused.
“On the 24th day of May 2023 within Nairobi county, conspired to defraud Vimal Bhimji Shah of one hundred and two million, four hundred and thirty-seven thousand, five hundred shillings (Ksh102, 437,500) by falsely pretending that you were in a position to convert the said money into US Dollars a fact you knew to be false,” particulars of the charge read.
Nesbit’s lawyer
After pleading not guilty, Nesbit’s lawyer Cliff Ombeta urged the court to grant his client cash bail of a Ksh100, 000 arguing that Nesbit has been cooperating with the police who are investigating the matter.
However, the petitioner’s lawyer opposed Ombeta’s application for Nesbit to be out on cash bail on the ground that he is a flight risk and that the second accused already left the court’s jurisdiction.
“Your honour, I have instructions that I should oppose the application by counsel. Your honour, there are two accused persons and one has absconded religiously the jurisdiction of this court,” the petitioner’s lawyer said.
Ombeta then insisted that any person who wants to oppose bail should swear an affidavit in court, and after considering the submissions by both parties, the judge released Nesbit on a Ksh3 million bond or Ksh1 million cash bail.
The matter will be mentioned on February 19, 2025.
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