Ex-IBM East Africa general manager and Capital Markets Authority (CMA) Chairman Nicholas Alexander Nesbit was arraigned with conspiracy to commit fraud.
Nesbit, a former Kenya Private Sector Alliance (KEPSA) is accused of colluding with Boytorum Mehmet Bulent whom they co-own a company to defraud edible oil manufacturer Bidco Africa’s founder and Chief Executive Officer Vimal Shah of Sh102 million as they pretended to be in a position to change dollars.
A charge sheet said the crime happened in 2023.
“On May 24, 2023, within Nairobi County, conspired to defraud Vimal Bhimji Shah of Sh102,437,500 by falsely pretending that you were in a position to convert the said money into US dollars, a fact you knew to be false,” the charge sheet stated in part.
The suspect is facing charges of conspiracy to defraudcontrary to section 317 of the Penal Code.
The two allegedly misrepresented their ability to supply US dollars when Kenya was facing a crisis of the Kenyan Shilling falling against the dollar in mid-2023.
They defaulted on their agreement and have been on the run until they were arrested two weeks ago.
Boytorun, a British national of Turkish origin fled the country before the Directorate of Criminal Investigations (DCI) informed the Immigration Department to prevent him from leaving the country.
The court was informed that he fled the country hence failing to appear in court.
Nesbitt was scheduled to be charged last week alongside Boytorun who is his business partner but the same was delayed.
They jointly operated a UK-based firm – Bee N Bee Limited which they used to defraud Shah.
The two also operated under BNX Partners, serving the Kenyan market with FX solutions.
Nesbitt’s lawyers wanted the Office of the Director of Public Prosecutions (ODPP) to drop the fraud charges to have the matter settled in a civil court but the ODPP declined the request.
They wanted the criminal proceedings quashed but they were thrown out and will now face the criminal charges.
Appearing before Senior Principal Magistrate Gilbert Shikwe, Nesbitt denied the charges pleading for lenient bond terms through his counsel Cliff Ombeta.
Ombeta told the court that his client would not flee the country nor skip the court sessions.
He was released on a Sh3 million bond and an alternative cash bail of Sh1 million.
A pre-trial is scheduled for February 19, 2025.
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