NAIROBI, Kenya, Jan 30 — Former Kenya Private Sector Alliance (KEPSA) Chairperson Nik Nesbitt has been arraigned in court on charges of conspiracy to commit fraud.
Nesbitt, a former IBM East Africa General Manager and ex-Chairman of the Capital Markets Authority, is accused of conspiracy to defraud Bidco CEO Vimal Shah of Sh102 million shillings, alongside Boytorun Mehment Bulent, a British national of Turkish descent who fled the country after securing bail following his arrest. Nesbit denies the charges.
A charge sheet presented in court indicates that Nesbitt, Bulent and Bee n Bee Kenya Limited conspired to defraud Vimal Shah of Sh102,437,500 by falsely pretending that they were in a position to convert the money into US dollars.
Prosecutors stated that the duo misrepresented their ability to supply U.S. dollars, defaulted on their agreement and evaded authorities until their recent arrest.
Nesbitt had sought to have the criminal proceedings quashed by the High Court, but his application was unsuccessful, leading to his arraignment on Thursday.
Milimani Senior Principal Magistrate Gilbert Shikwe granted him a cash bail of Sh500,000 or an alternative of Sh1 million bond to be freed pending a mention of the case on February 19.
