Bidco Africa chairman Vimal Shah has told a Nairobi court how a foreign exchange transaction meant to secure dollars for the manufacturer’s raw material imports instead cost the company more than Sh102 million.
Testifying in a case involving conspiracy to defraud charges, Shah said he turned to a long-time associate, identified in court as Nicholas Nesbitt, for help sourcing US dollars in 2023 after two earlier attempts to complete the transaction had failed.
He said the funds were urgently needed because the company had to purchase raw materials and settle supplier payments on a near-daily basis.
According to Shah’s testimony, Nesbitt later introduced him to a third party said to be experienced in cryptocurrency dealings, describing the individual as a reliable source who could deliver dollars within 24 hours. The two men are said to have agreed on an exchange rate of Sh137.50 to the dollar, with an expectation that funds worth roughly $745,000 would land in Bidco’s account by a set date in May 2023.
Shah told the court he trusted the arrangement in part because of his decades-long relationship with Nesbitt, dating back to when the two worked together at IBM. However, the promised dollars never arrived. Court records reportedly show that more than Sh102 million moved out of Bidco’s accounts to another company, with a significant portion subsequently transferred onward to a separate entity. Shah said he could not confirm whether the accused had personally benefited from the funds.
Nesbitt, who faces the conspiracy to defraud charge, denies any wrongdoing and remains free on a Sh500,000 bond as the case proceeds. Hearings in the matter are expected to continue into next month.
The case has drawn attention in Nairobi business circles both for the sums involved and for what it reveals about the risks executives face when personal trust intersects with high-value currency transactions amid Kenya’s periodic dollar shortages. Analysts say such episodes underline the importance of institutional safeguards, even in transactions brokered through longstanding relationships.