The High Court has granted Nyachoti & Company Advocates permission to withdraw from representing Foxcapital Investment Limited in its Sh145 billion dispute with Kenya Commercial Bank (KCB), after the law firm told the court it could no longer act for its client due to a lack of adequate instructions.
Lady Justice Rhoda Rutto allowed the firm’s application, dated September 10, 2026, during a mention held on September 17. The court granted Foxcapital 14 days to regularise its legal representation following the withdrawal, with the matter set to return to court on October 27 for further directions on how the case will proceed.
In his supporting affidavit, lawyer Philip Nyachoti explained that his firm had made several requests to Foxcapital for further instructions after KCB filed its own affidavits and documents responding to the suit, but said the company had failed to provide the information needed to continue prosecuting the case.
“As such, the firm is not in a position to continue acting for and on behalf of the Plaintiff for want of further and sufficient instructions,” Nyachoti stated, describing it as “only just and fair” that his firm be allowed to step down from the matter. He also asked the court to give directions regarding the costs of the withdrawal application.
According to court papers, Foxcapital had instructed Nyachoti’s firm on July 27, 2026, to pursue the claim against KCB, including seeking the release and crediting of €976,675,835 (roughly Sh146 billion) to its account, funds the company says the bank has been withholding.
Acting on those instructions, the firm filed a plaint, a verifying affidavit, a witness statement and an urgent application on August 3, 2026, securing ex parte interim injunction orders barring KCB from interfering with the disputed funds.
When the matter came before the court on August 11, further directions were issued and the application was set down for an inter partes hearing on September 17, the same date on which the firm was ultimately allowed to withdraw from the case.
The underlying dispute traces back to a Partnership Agreement on Investment and Financial Co-operation that Foxcapital says it entered into with British-registered Bay Bionics Limited, formerly known as BB Biotech AG Limited, on October 21, 2025, aimed at financing strategic investment projects in Kenya spanning Treasury bonds, public-private partnerships and renewable energy.
Foxcapital claims Bay Bionics wired €978,675,835 to its euro account at KCB’s Sarit Centre branch on or around November 28, 2025, and that the bank has unlawfully withheld the funds for months despite receiving all supporting documentation.
Foxcapital Group Chief Executive Officer David Dudi Akech swore an affidavit on the company’s behalf, asserting he was conversant with the full facts of the dispute.
KCB has firmly disputed that any such transfer ever took place. The bank says its own records and the SWIFT international transfer system show no trace of the claimed funds ever arriving, and that when it sought verification directly from UBS Switzerland AG in August 2026, the Swiss institution confirmed that the transaction details, payment instructions and purported SWIFT messages Foxcapital relied on had not originated from UBS at all.
KCB has since filed a formal complaint with the Directorate of Criminal Investigations’ Banking Fraud Investigations Unit, urging investigators to establish who prepared, supplied, circulated or presented the disputed documents in court, including an April 17, 2026 incident report, a May 18 financial-crime review and a July 1 technical review that the bank says were falsely attributed to UBS Switzerland and its own officials.
With Nyachoti’s firm now formally out of the case and Foxcapital facing a fortnight to secure fresh legal representation, the dispute heads toward its October 27 court date with serious questions remaining, not only over whether the disputed Sh145 billion genuinely exists, but also over the authenticity of key documents at the heart of one of Kenya’s largest commercial court disputes this year.
