Billionaire Yagnesh Devani has been escorted to Kilimani police station, where he will spend the night until Wednesday, 07th August 2024, when he is expected to plead to graft charges related to the Triton oil scandal.
Devani appeared in court on Tuesday following a warrant of arrest issued in 2009.
Milimani Magistrate Thomas Nzyuki declined to grant him bond pending the charges on Wednesday.
“In the interest of fair administration of justice, I find it not appropriate to release him on bond especially after he was brought to court with a warrant,” Nzyuki ruled.
Devani is expected to be charged afresh in connection with the Triton case.
As a former director of Triton Petroleum Limited, he was accused of orchestrating the release of the company’s fuel stock from the Kenya Pipeline Company’s (KPC) storage tanks without informing the financiers.
This 2008 action resulted in a Sh7.6 billion loss for the financiers and oil companies, threatening fuel supplies in Kenya and leading to layoffs. Devani fled the country in 2009.
After 16 years on the run, he was extradited from Britain, charged in a Nairobi court, and initially freed on bond.
He applied for a bond back then, which was not opposed by the prosecution. The accused was released on a cash bail of Ksh1 million ($6,230) plus one contact person after denying four counts of theft and fraudulent disposal of products.
Past reports, quoting an official audit, indicated that the Kenyan taxpayer risked losing over Ksh7.6 billion ($47,352) due to the 2008 scam, as it breached an agreement with financiers of a lucrative contract awarded to Devani’s company, Triton Petroleum Company Limited, to supply oil under a system meant to aid local oil firms.
When arraigned before Milimani Senior Principal Magistrate Robinson Ondieki on January 23, 2024, the fugitive was indicted over the irregular disposal of thousands of tonnes of gas oil, jet fuel, and motor spirit premium worth $9,019,630 (Ksh1,470,199,690) that had been mortgaged by Kenya Commercial Bank Limited (KCB).
Devani, described in media reports as a shrewd businessman with good political connections, allegedly stole the jet fuel he had bought using funds provided to him and his company, Triton Petroleum Company Limited, by KCB.
The loan was advanced to him and his company, Triton.
Devani had fled to the United Kingdom when his co-accused were charged, leading the court to issue a warrant of arrest against him to face multiple charges.
