Bidco Africa founder Vimal Shah has told a Nairobi court that he trusted businessman Nick Nesbitt when he entered a Sh102.4 million foreign exchange transaction that later left his company with an outstanding balance of $445,000.
Shah testified that Nesbitt had been known to him for between 15 and 20 years through business associations. He said Nesbitt had previously handled foreign exchange transactions for his company, although some of the earlier deals were not entirely successful.
“I trusted him because he’s a friend, not only a friend, but also an acquaintance in business,” Shah told the court.
The court heard that Shah was looking for dollars in May 2023 because of a shortage of foreign currency, which was affecting Bidco Africa’s ability to import raw materials. On May 18, 2023, Nesbitt introduced him to Bulent at his home. Shah said Nesbitt presented his business partner and someone who could convert Kenyan shillings into United States dollars within 24 hours using cryptocurrency and stablecoin transactions.
“I did not know who this Bulent is. I don’t even trust him, I don’t even know him,” Shah said.
He added that he would not have agreed to the transaction had Boitoru been introduced to him without Nesbitt’s involvement.
“Without the trust, I would not have given this sort of money to a Mr. Bulent who I didn’t even know,” he testified.
On May 23, 2023, Bidco Africa transferred Sh102,437,500 to BNB Kenya Limited under a trade finance support agreement signed by Shah and Boitoru. The amount was equivalent to $745,000 at an exchange rate of Sh137.50 to the dollar, with the money expected to be converted and delivered the following day.
However, the dollars were not delivered on May 24, 2023, as agreed. Shah told the court that his company received $100,000 on May 31 and a further $200,000 on June 12, leaving $445,000 unpaid.
The witness said the transaction was based on assurances that the defendants had the ability to provide the dollars within the agreed period.
“The false statement that I was given, that I was told we have the ability and we actually can deliver the dollars, was false,” Shah said.
During cross-examination, the defence challenged Shah’s assertion that Nesbitt was involved in the transaction, pointing out that Nesbitt’s name did not appear in the agreement and that he had neither signed the document nor assumed any legal obligation under it. Shah acknowledged that the written agreement was between Bidco Africa and BNB Kenya Limited, represented by Boitoru. He also admitted that he had not carried out a company search before transferring the money.
The defence further questioned the movement of the funds, noting that money received by BNB Kenya Limited was later transferred to Pashin Group Limited. Shah said he did not know why the transfers were made or whether Nesbitt benefited from them. A company search presented in court showed that Nesbitt had resigned as a director of BNB Kenya Limited on March 11, 2022, leaving Boitoru as the company’s sole director and shareholder.
The defence also challenged the absence of a formal Bidco Africa board resolution authorising the court proceedings. Shah said the company’s board was aware of the dispute, although no formal resolution had been filed in court.
