Friends turned foes: Vimal Shah goes after Nic Nesbit on a botched Ksh.100M deal in court

While the government, especially then Deputy President Rigathi Gachagua was "appealing to anyone hiding the greenback" to release them, institutions were hard hit.

Around May 2023, the exchange rate was Ksh.131 to the dollar and all signs indicated a further free fall. Corporate Kenya was hurting.

The government-to-government (G-to-G) oil import deal with three Gulf oil companies to help ease pressures on the exchange rate has yet to be realized.

In Thika town, the hub of one of Kenya’s foremost homegrown edible oils producer Bidco Africa, the squeeze was apparent.

With huge dollar bills to settle weekly, the free fall of the shilling against the dollar was costing it. 

In the big boys’ league, cross-sharing information especially for business growth, cost efficiency and the like is a norm.

A CEO reaching out to a colleague in another industry on how they are coping in such a situation like the dollar squeeze was not out of the books. 

Vimal Shah owner and CEO of Bidco Africa reached out to Nicholas (Nic) Nesbitt, his buddy and a past chairman of Kenya Private Sector Alliance (KEPSA).

Like every other city dweller and ‘hustler’, Nic knew a guy who would come to Shah’s rescue. It is a city thing to have your friend’s back.

Nic introduced Shah to Mehmet Bulent Boytorun, a British national and his co-director of the then-London-registered Bee and Bee Limited. Boytorun is the Founder and CEO of CryptoSasa.

Convinced that this was a good deal, Shah proceeded to deliver Ksh.102,437,500 in the hope that his friends Nic and Boytorun would be getting the US dollar equivalent at a good rate, better than what the official channels would offer.

In the history of Bidco Africa and for celebrated industrialist Vimal Shah, the day May 24, 2023, would then albeit silently be etched in his life story. The two trusted accomplices would allegedly vanish with the money.

The unending search for his money and friend would begin... unable to reach the two, Shah then resorted to the Directorate of Criminal Investigations (DCI) to track, trace and possibly recover the money.

Luckily for Shah, the law recently caught up with his adversaries who are now being charged with conspiracy to defraud contrary to section 317 of the penal code.

The charge sheet, seen by Citizen Digital lists Nicholas Alexander Nesbit, Mehmet Bulent Boytorun and Bee n Bee Kenya Limited as the offenders.

In a twist of turn that played out in courts on Tuesday, January 2025, Nesbit seems to be turning against his friend. In an application by his advocate Danstan Omari, he wants Shah and Bidco Africa also prosecuted.

“...We are asking the court to defer the matter to Thursday and also asking the DPP to charge Bidco CEO Vimal Shah” Omari pleaded.

In his argument, Nic justifies the application indicating that in the deal Bidco Africa, through its CEO was trying to access dollars fraudulently and outside the set guidelines by the Central Bank of Kenya.

Additionally, Omari told the court that there are ongoing investigations by both the DCI and the Banking Fraud Unit. 

The matter is set for mention on Thursday, 23rd of January 2025.