Yagnesh Mohanlal Devani, the former Managing Director of Triton Petroleum Company Limited, has been released on Kes.5 million cash bail after pleading not guilty to 11 counts of fraud.
Devani, who faces charges on behalf of Triton, can alternatively provide a Kes.20 million bond and a similar surety.
The businessman, who was arrested after evading capture for over 10 years, faces charges related to the Kes.7.6 billion jet fuel scandal that shook Kenya’s oil industry in 2008.
During his court appearance on Monday, Devani’s lawyer, Mwenda Bata, argued that the bail amount was excessive. However, the court ruled that Devani must demonstrate his inability to raise the cash bail before it can consider revising the terms.
Devani, accused of committing offenses between September 5 and December 8, 2008, is barred from leaving the country or contacting prosecution witnesses while out on bail.
The prosecution opposed Devani’s release on bond, citing him as a flight risk since he has been a fugitive in the United Kingdom since 2009 when an arrest warrant was issued against him.
At the time, Devani contested his extradition from the UK through multiple judicial proceedings. He was eventually extradited in January this year due to bilateral cooperation between Kenya and the UK.
The prosecution argued that granting Devani bond could result in him seeking asylum in a country without bilateral ties to Kenya, complicating the case further.
“It was only through bilateral cooperation between Kenya and the UK that the accused was eventually extradited and charged. Granting bond could lead to the accused seeking asylum in a country lacking such cooperation, making it difficult to proceed with the case,” noted the Office of the Director of Public Prosecutions (ODPP).
While releasing Devani on Monday, Chief Magistrate Thomas Nzioki of the Milimani Anti-Corruption Court ordered the businessman to deposit his passport with the court and warned him against interfering with witnesses.
Magistrate Nzioki scheduled the next case mention for August 29 to provide pre-trial directions.
