Bidco chair Vimal Shah loses 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.
Bidco's chairman Vimal Shah reports a Sh102.4 million loss from a forex arrangement in which an associate, Nik Nesbitt, offered to help the manufacturer obtain US dollars for raw material imports. The case highlights the currency-access and counterparty risks Kenyan manufacturers face when sourcing hard currency through informal or intermediary channels rather than formal banking mechanisms. It may reinforce calls for improved forex liquidity and stronger due diligence standards in corporate currency transactions.
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