NAIROBI, Kenya, Jan 30 — Former Kenya Private Sector Alliance (KEPSA) Chairperson Nik Nesbitt has been arraigned in court on charges of conspiracy to commit fraud.
Nesbitt, a former General Manager of IBM East Africa and ex-Chairman of the Capital Markets Authority, is accussed of the conspiracy alongside business partner, Bulent Boytorun, a British national of Turkish descent who fled the country on securing bail following his arrest.
Nesbitt and his associate are accused of conspiring to defraud Bidco Africa of over Sh100 million in 2023 through their company, Bee N Bee Limited.
They also operated under BNX Partners, offering FX solutions in the Kenyan market.
The duo allegedly misrepresented their ability to supply U.S. dollars, defaulted on their agreement, and evaded authorities until their recent arrest.
Nesbitt unsucessfully sought to have the criminal proceedings quashed by the High Court leading to his arraignment on Thursday.
Milimani Senior Principal Magistrate Gilbert Shikwe admitted him to a Sh3 million bond with an aletrnative of Sh1 million cash bail pending a mention on February 19.
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