Former IBM East Africa General Manager and Capital Markets Authority (CMA) Chairman Nicholas Alexander Nesbit has been formally charged with conspiracy to defraud.
Nesbit, a former chair of the Kenya Private Sector Alliance (KEPSA), is accused in court documents of colluding with his business partner, to defraud Bidco Africa founder and Chief Executive Officer Vimal Shah of Sh102,437,500 by falsely claiming they were able to convert the money into US dollars.
According to the prosecution’s charge sheet, the alleged offence occurred in 2023. Part of the charge sheet states: “On May 24, 2023, within Nairobi County, [you] 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 two suspects are charged with conspiracy to defraud, contrary to Section 317 of the Penal Code. The prosecution alleges that they misrepresented their ability to supply US dollars during a period in mid‑2023 when the Kenyan shilling was sharply depreciating against the dollar.
Bulent, a British national of Turkish origin, was not present in court. The court was informed that he has not appeared for arraignment. Nesbit had been scheduled to be charged last week together with Bulent, but the hearing was postponed.
The two jointly operated a UK‑based company – Bee N Bee Limited – which the prosecution alleges was used to carry out the fraud. They also operated under the name BNX Partners, offering FX solutions to the Kenyan market.
Nesbit’s lawyers asked the Office of the Director of Public Prosecutions (ODPP) to drop the fraud charges and have the matter settled in a civil court, but the ODPP declined the request. The lawyers also sought to quash the criminal proceedings, but that application was dismissed, and the case will proceed as a criminal trial.
Appearing before Senior Principal Magistrate Gilbert Shikwe, Nesbit denied all charges and, through his counsel Cliff Ombeta, requested lenient bond terms. Ombeta told the court that his client would not abscond or miss any court sessions.
The court granted Nesbit bond of Sh3 million or cash bail of Sh1 million. A pre‑trial hearing is scheduled for February 19, 2025.
It should be noted that all of the above allegations are pending trial and determination by the court. Nesbit has denied the charges in court. Under the law, every accused person is presumed innocent until proven guilty
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