Bidco chair Vimal Shah says he lost Sh102.4m in forex deal
Shah said Bidco was seeking US dollars to pay for imports of raw materials when his friend and business associate, Nicholas (Nik) Nesbitt, offered to help the company access the currency.
Nairobi, Kenya - Bidco Africa Chairperson Vimal Shah disclosed in court that he suffered a financial loss of approximately Sh102.4 million in a failed foreign exchange deal during a period of dollar scarcity in Kenya in 2023. The company had sought US dollars for importing raw materials, but Shah's friend and associate, Nicholas (Nik) Nesbitt, failed to facilitate the transactions, despite two unsuccessful attempts in March and April of that year.
After Nesbitt's unsuccessful attempts, he returned the shillings received by Bidco and offered to introduce Shah to a reliable source of dollars, who connected him to Bulent Boytorun, who claimed expertise in cryptocurrency. Shah, who had known Nesbitt for over a decade, trusted Nesbitt due to their professional relationships and Nesbitt's assurances about Standard Chartered Bank involvement in the transactions. Despite Boytorun's involvement, Shah believed in Nesbitt's friendship and trustworthiness.
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