What Led to KCB and Foxcapital’s Sh146.3bn Court Battle?
KCB Bank Group has asked the Directorate of Criminal Investigations (DCI) to investigate documents filed by Foxcapital Investment Ltd in a High Court dispute involving €978.68 million (Sh146.3 billion) allegedly transferred from abroad for investment in government bonds.
KCB wants investigators to establish who prepared, supplied, circulated or presented the disputed documents in court, after the bank challenged their authenticity.
The dispute arose after Foxcapital sued KCB in August 2026, alleging that British company Bay Bionics Ltd transferred the €978.68 million to its KCB account in October 2025 but the bank failed to credit the funds.
The High Court subsequently issued interim orders preserving the disputed funds pending determination of whether KCB received and withheld the money.
KCB Disputes Swift Messages and Internal Documents
KCB chief executive Paul Russo has challenged SWIFT messages and alleged internal bank documents relied on by Foxcapital in the case. The disputed records include an April 17 incident report, a May 18 financial-crime review and a July 1 technical review.
KCB says its SWIFT Gateway contains no corresponding record of the alleged transaction. The bank also says UBS Switzerland AG denied originating the documents and payment instructions attributed to it.
KCB officers have filed sworn statements disputing the authenticity of the records presented in court.
The bank has now asked the DCI to establish the source of the documents and determine who may have prepared, supplied, circulated or presented them.
Foxcapital Says Funds Entered Suspense Account
Foxcapital chief executive David Dudi Akech has maintained that KCB’s internal records show the money entered a pre-settlement suspense account following a system-routing fault.
According to Akech’s account to the court, the funds were received by KCB but were not credited to Foxcapital’s account.
Foxcapital has also relied on an alleged financial-crime review and AML/CFT clearance, which it says found no adverse findings or evidence of staff collusion.
The company says the funds were intended for investment in Kenya, including infrastructure bonds, renewable energy projects and public-private partnerships.
Foxcapital claims the money was wired from UBS Switzerland AG to its KCB account at the bank’s Sarit Centre Branch.
Dispute Dates Back To Alleged 2025 Transfer
The dispute centres on an alleged funding arrangement between Foxcapital and Bay Bionics Ltd, formerly referred to as BB Biotech AG Ltd.
Foxcapital says Bay Bionics undertook to provide the funds for investment in government-related projects in Kenya. The company alleges that the funds were transferred in October 2025 but remained uncredited for months.
After the alleged transfer was not released, Foxcapital moved to the High Court in August 2026 seeking orders compelling KCB to release the funds, together with interest and damages for alleged loss of business.
KCB has denied receiving the €978.68 billion transaction in its systems.
High Court Hearing Set For September
Justice Rhoda Rutto issued interim orders restraining KCB from trading with, moving or interfering with the disputed funds pending further proceedings.
The case has since escalated with KCB seeking a criminal investigation into the documents used to support Foxcapital’s claim. The High Court has scheduled the inter-partes hearing for September 17, 2026.
The hearing is expected to consider the parties’ competing positions on whether the alleged €978.68 million transfer was received by KCB and the authenticity of the documents relied on by Foxcapital.
