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...

✨ Key Highlights

Bidco Africa Chairperson Vimal Shah has testified in court about losing approximately Sh102.4 million in an unfulfilled foreign exchange deal during a dollar shortage in Kenya in 2023.

Lost amount: Sh102.4 million
Key individuals: Vimal Shah (Bidco Africa Chairperson) and his associate Nicholas (Nik) Nesbitt.
Transaction details: The deal involved accessing US dollars via cryptocurrency, with funds to be delivered within 24 hours, but the dollars never arrived.