Former Capital Markets Authority Chairman Nicholas Nesbit was arraigned in a Nairobi court on Thursday, facing charges of defrauding Bidco Africa CEO, Vimal Shah, of Sh 102,437,500.
Nesbit, alongside his business partner Boytorun Mehment Bulent, a British national, allegedly conspired to trick Shah into believing they could convert the large sum into US dollars.
While Nesbit appeared before Magistrate Gilbert Shikwe, Bulent was notably absent.
The court was informed that Bulent had fled the country after being released on a Sh 200,000 police bail last week.
Authorities are now on the lookout for Bulent, as it is believed he left Kenya just before a red alert was issued on his passport.
The charges stem from Nesbit and Bulent’s involvement with Bee N Bee Kenya Limited, a company that allegedly misrepresented its ability to facilitate foreign exchange transactions.
According to the prosecution, the two men convinced Shah to part with the significant sum, promising a currency exchange deal that never materialized.
Nesbit denied the charges and, through his legal team led by Danstan Omari and Cliff Ombeta, requested the court to maintain his police bail of Sh 200,000.
However, Magistrate Shikwe ruled for Nesbit’s release on a bond of Sh 3 million, with two sureties or an alternative cash bail of Sh 1 million.
Earlier this week, Nesbit attempted to have the charges quashed by the High Court, but the application was dismissed, leading to his appearance before the court on Thursday.
The case will return for mention on February 19, 2025.
