Bidco Africa chairman Vimal Shah / HANDOUTBidco Africa chairperson Vimal Shah has told a Nairobi court how his company lost Sh102.4 million in a failed foreign exchange transaction in 2023.
Shah was seeking US dollars to pay for imported raw materials when his longtime friend and business associate, Nicholas (Nik) Nesbit, offered to help him access the currency.
He told the court that Bidco had previously attempted two foreign exchange transactions with Nesbitt in March and April 2023, but they did not succeed.
“Ultimately what he did was, after not being successful, he sent us some dollars for some shillings, and the rest he gave us the shillings back to say, ‘Fine, here’s your shillings back,’ and that was returned to us,” Shah said.
He was testifying in a criminal case in which businessman Nicholas Nesbit has been charged with conspiracy to defraud. Nesbitt has denied the charges and is out on a cash bail of Sh500,000.
Shah said Nesbit approached him again on May 18, 2023, saying he had found a source that could provide dollars within 24 hours of receiving the shillings.
Nesbit introduced him to business associate Bulent Boytorun, whom he described as his 50/50 partner and a cryptocurrency expert, Shah told the court.
“He said Bulent Boytorun is the expert on crypto and how to convert foreign currency through stable coin and through cryptocurrencies. And if you give the shillings today, tomorrow your dollars are in, and it’s all legitimate, it’s all okay, and they’re doing it regularly,” Shah said.
The businessman said he trusted Nesbit because they had known each other for 15 to 20 years and had worked together at IBM and in business organisations.
“I did not know who this Bulent Boytoun is, I don’t even trust him, I don’t even know him. And I knew Nik Nesbit because I’ve known him for the last 15–20 years since IBM, and of course since our association in KEPSA and East African Business Council,” he said.
He said his confidence was also strengthened after Nesbitt told him that the parties involved used Standard Chartered Bank. Shah said he contacted a bank official, who confirmed that Nesbitt was a customer and that BNB Kenya Limited had an account with the bank.
“Yes, and I trusted him because he’s a friend, not only a friend but also an acquaintance in business,” Shah said.
The court heard that the parties agreed on an exchange rate of Sh137.50 to the US dollar. Under the agreement, $745,000 was expected to be deposited into Bidco’s dollar account on May 24, 2023.
“And if you look at the contract it’s clearly saying that 23rd if we sign and on 24th the dollars the entire amount of dollar 745,000 would be in our account in our dollar account that that was the agreement account in full now since we have to buy raw material every day and we have to pay for it he knew the urgency because this would stop our factory in terms of getting our raw materials now what happened on the 24th nothing arrived no money was sent to our account,” Shah told the court.
Court records showed that Sh102,437,500 was transferred from Shah’s company to another company. A further Sh96.4 million was later transferred from that company to another entity.
Shah told the court he could not confirm from the documents whether the individual at the centre of the case personally benefited from the money.
The court also heard that arbitration over the transaction involved Shah’s company and the recipient institution.
The case involves allegations of conspiracy to defraud. Shah acknowledged that he had not seen a document showing communication between the accused persons about defrauding him.
He maintained that the money was transferred under the agreement for the foreign exchange transaction, with the court now expected to determine responsibility.
The hearing will resume on October 7, 2026, at noon.
