KCB Group has asked the DCI to investigate an alleged Sh147 billion remittance linked to Foxcapital. We take a deeper…

KCB Group has asked the DCI to investigate an alleged Sh147 billion remittance linked to Foxcapital. We take a deeper look at what is going on in the case below. Read the Thread below:

Now, let's start with what the case is all about. Foxcapital Investment Ltd is at the centre of a court dispute involving an alleged €978.7 million, worth about Sh147 billion, said to have been sent to its KCB account.

Foxcapital says the money came from Bay Bionics Limited and was sent through UBS Switzerland AG to finance major projects in Kenya. The projects cited include infrastructure bonds, public-private partnerships, renewable energy and other strategic investments.

According to court documents cited in the dispute, the alleged transfer was made in November 2025 through a SWIFT MT103 transaction. Foxcapital says the money was successfully transmitted and eventually reached its KCB account at the bank's Sarit Centre branch.

The company claims KCB received the funds but did not credit them to its account. Instead, Foxcapital says the money was placed under a “HELD – PRE-SETTLEMENT SUSPENSE” status.

Foxcapital then went to the High Court seeking orders requiring KCB to release or credit the alleged funds. The court subsequently issued interim orders preventing KCB from transferring, dealing with or interfering with the disputed amount while the case is being heard.

But KCB has a completely different account of what happened. KCB says it has searched its systems, transaction records and SWIFT infrastructure and found no record of receiving the alleged €978.7 million.

The bank says the alleged remittance therefore never entered its banking system. The dispute has now moved beyond the question of whether the money was received.

KCB is also challenging the documents that Foxcapital presented in court to support its claim. KCB says it contacted UBS Switzerland on August 13, 2026, and shared the documents presented as evidence of the alleged transfer.

According to KCB, UBS responded that the documents attributed to it were not genuine. KCB has also challenged documents said to be internal reports from the bank.

The bank's Head of Compliance & Ethics says he did not prepare, approve, sign or send an alleged P1 Incident Report that was presented as evidence. KCB's AML Manager has similarly denied preparing or signing an alleged Financial Crime Review and AML/CFT Clearance document. (These documents are important because they were being used to support the claim that the alleged transaction had gone through KCB's internal processes).

KCB says the inconsistencies give it reasonable cause to believe that falsified documents may have been used to support Foxcapital's case. The bank has therefore asked the DCI's Banking Fraud Investigations Unit to investigate the matter.

KCB wants investigators to establish who prepared, supplied, circulated or presented the disputed documents. Foxcapital, on the other hand, continues to pursue its claim that the money was sent to its KCB account and has sought court orders over the alleged funds.

The High Court has not made a final determination that KCB received the Sh147 billion. It has also not made a final finding that the documents were falsified.

The DCI investigation and the ongoing court proceedings will therefore be key to establishing what actually happened. The next major court proceedings are expected in September 2026, when the dispute will continue to be considered.

That’s the end of our thread. Hope it’s well understood. Remember to keep it here for more updates via 0769000111.