Fugitive Yagnesh Devani freed on Sh5m cash bail

Former Managing Director of Triton Petroleum Company Limited, Yagnesh Mohanlal Devani, has been granted a Sh5 million cash bail in the Sh7.5 billion Triton oil scandal case against him.

Milimani anti-corruption court Chief Magistrate Thomas Nzioki gave him an alternative Sh20 million bond plus two contact persons after pleading not guilty to 11 counts of fraud, including, fraudulently disposing of mortgaged petroleum products in September 2008.

The court approved his release on bail after reviewing a pre-bail report submitted by the probation officer, which recommended his release while awaiting trial.

While releasing Devani on Monday, the Magistrate ordered the businessman to deposit his passport with the court and warned him against interfering with witnesses.

“I have considered all the submissions by defence lawyers and the pre-bail report and find that the accused is a good candidate for bail. Let his passport be deposited in court. He is also barred from interfering with prosecution witnesses,” the Magistrate ruled.

The prosecution opposed his release, citing concerns that Devani posed a flight risk. They highlighted his history as a fugitive in the United Kingdom since 2009, following the issuance of an arrest warrant.

Mr Devani, who was captured after being on the run for more than 10 years, has spent 13 days in remand after he was arrested by the Ethics and Anti-Corruption Commission (EACC).

In the scandal, Mr Devani’s firm, Triton Petroleum Company Limited, is accused of releasing thousands of tonnes of petroleum, which had been mortgaged, without the consent of mortgage owners.

Triton is accused of disposing of 675.592 cubic metres of petroleum valued at Sh71 million ($550,020) to Total Kenya Limited without the consent of Emirates National Oil Company.

Another counts stated that with intent to defraud Emirates National Oil Company (Singapore) Limited, Triton disposed of 13,054.850 cubic meters valued at $10,446,888.36 (approximately Sh1.3 billion) and Sh32 million of the said fuel to Total Kenya Limited without the consent of the Singaporean firm, who was the mortgagee.

The matter will be mentioned on August 29, 2024, for pre-trial.