Yesterday, the Anti-Corruption Court ordered businessman Yagnesh Devani to post a cash bail of Sh5 million to secure his release after he pleaded not guilty to charges of fraudulently disposing of mortgaged petroleum products in September 2008.
Chief Magistrate Thomas Nzyoki, presiding over the Milimani Anti-Corruption Court, ruled that Devani could either deposit Sh5 million in cash with two personal sureties or provide a bond of Sh30 million with a single surety for the same amount.
The decision to grant bail was based on a pre-bail report submitted by the probation officer, which recommended Devani’s release pending trial. The report confirmed that Devani is a Kenyan citizen and that he has a nephew and operates a company along Valley Road. His son and nephew have agreed to act as sureties for him.
Additionally, Magistrate Nzyoki instructed that Devani should plead to the fraud charges, which had been previously on hold while the prosecution verified the directorship details.
Devani, along with Triton, is accused of the improper release of 126 million litres of oil, violating a collateral financing agreement with Emirates National Oil Company. He faces eleven counts of fraud, including conspiracy to defraud, obtaining by false pretenses, and fraudulent disposal of mortgaged goods.
In the first count, Yagnesh Devani is charged with the fraudulent disposal of mortgaged goods. The allegation states that on September 5, 2008, as the Managing Director of Triton Petroleum Company Limited, Devani, along with others, unlawfully disposed of 13,054,850 cubic meters of diesel valued at USD 10,146,888.36 and Sh32,017,783.66 (totaling Sh1.6 billion) to Total Kenya Limited.
This disposal occurred without the consent of the mortgagee, Emirates National Oil Company (Singapore) Limited, despite the diesel being mortgaged.
Additionally, the court has imposed a travel restriction, barring Devani from leaving the country without its permission.
“Let his passport be deposited in court. He is also barred from interfering with prosecution witnesses,” said the Magistrate.
