Nicholas Alexander Nesbitt
Nicholas Alexander Nesbitt {Nik}, the former chairman of the Kenya Private Sector Alliance (Kepsa), has been arraigned on charges of conspiring to defraud businessman Vimal Shah of Sh102 million.
The prosecution claims that Mr. Nesbitt, who previously chaired the East Africa Business Council (EABC), attempted to defraud the CEO of Bidco in a transaction on May 24, 2023.
Nesbitt misrepresented himself as having the ability to convert the funds into US dollars, according to the charge sheet; prosecutors say this was a fraudulent claim.
Upon appearing before Gilbert Shikwe, the senior principal magistrate in Milimani, Mr. Nesbitt refuted the accusation. The court mandated that the businessman post cash bail of Sh500,000 or an alternative bond of Sh1 million in order to guarantee his release.
It is alleged that Mr Nesbitt introduced Boytorun and his co-director of Bee and Bee Limited, which was then registered in London, to the CEO of Bidco in an effort to secure better rates for US dollars.
One of the largest privately held manufacturing firms in Kenya, Bidco, generated an estimated Sh46 billion in revenue as of 2013.
The company’s product line has grown to over 23 brands over the years and now includes animal feed, baking powder, soaps, cooking fats, detergents, and edible oils.
The businessman faced charges after the High Court rejected his request to have Renson Ingonga, the Director of Public Prosecutions, blocked as urgent.
I do not believe that there is any urgency because no interim orders are being asked for. Justice Roselyn Aburili said in a ruling on January 24, “Therefore, I refuse to certify it as urgent.”
In order to highlight the arguments made by the parties and set a date for judgment, the judge ordered that the case be heard on April 17.
