KCB Group has asked the Directorate of Criminal Investigations (DCI) to investigate documents presented in an ongoing court dispute involving approximately Sh146.3 billion, claiming that some of the records relied upon by investment firm Foxcapital Investment Ltd may have been falsified.
The dispute centres on €978,675,835, equivalent to approximately Sh146.3 billion, which Foxcapital says was transferred from abroad for investment in Kenya, including government bonds and other strategic projects.
According to court documents, Foxcapital maintains that the funds originated from Bay Bionics Ltd, formerly BB Biotech AG Ltd, and were transmitted through UBS Switzerland AG for credit to the company’s KCB account.
Foxcapital has accused KCB of receiving the money but failing to credit it to the company’s account. KCB, however, disputes that it ever received or currently holds the funds.
The disagreement has now taken another turn after KCB lodged a complaint with the DCI’s Banking Fraud Investigations Unit, seeking investigations into documents that Foxcapital has relied upon in the court proceedings.
KCB Group Chief Executive Officer Paul Russo has questioned the authenticity of several documents, including alleged SWIFT messages and reports dated April 17, May 18 and July 1, 2026.
The bank wants detectives to establish who allegedly prepared, supplied, circulated or presented the disputed documents.
As part of efforts to verify the alleged transaction, KCB reportedly contacted UBS Switzerland AG on August 13, 2026, seeking confirmation about the documents and payment instructions attributed to the Swiss bank.
According to KCB’s complaint, UBS subsequently denied originating the documents and payment instructions in question and indicated that they were not genuine.
KCB further maintains that a search of its SWIFT Gateway failed to identify a corresponding transaction involving the €978.7 million.
The lender says this, together with UBS’s reported denial and sworn statements from KCB officials, raises serious questions about the authenticity of the documents being used to support Foxcapital’s claim.
Foxcapital, however, has presented a different account before the High Court.
Its CEO, David Dudi Akech, has maintained that KCB’s internal records showed the money had been received and placed in a “HELD – PRE-SETTLEMENT SUSPENSE” status.
Foxcapital has also relied on what it describes as an April 17 incident report allegedly identifying a system-routing problem, as well as a May 18 financial-crime review that it says cleared the transaction of adverse findings.
The investment firm moved to court earlier this month seeking orders compelling KCB to release and credit the money to its account at the bank’s Sarit Centre Branch.
Foxcapital says the money was intended to finance major investments in Kenya, including infrastructure bonds, public-private partnership projects and renewable-energy programmes.
The High Court subsequently issued interim orders preserving the disputed amount while the parties battle over whether KCB actually received and withheld the funds.
Justice Rhoda Rutto later extended the preservation orders, preventing KCB and its agents from transferring, trading with or otherwise dealing with the disputed €978.7 million pending further proceedings.
KCB has opposed Foxcapital’s application and maintains that the investment firm has not established that the money was ever received by the bank.
The DCI complaint therefore introduces a potential criminal-investigation dimension to what has largely been a commercial court dispute, with investigators being asked to determine the origin and authenticity of the documents at the centre of Foxcapital’s case.
The High Court dispute remains unresolved, and the allegations by either side have not yet amounted to a final judicial determination that the money was received, withheld or that any documents were forged.
The case is expected back before the High Court on September 17, 2026.
