Kenyan Tycoon Yagnesh Devani has been granted bail in the Sh 7.6 billion Triton Petroleum Limited fuel scandal.
Chief Magistrate Thomas Nzyoki granted the business a bond of Sh 20 million and one surety of a similar amount.
Alternatively, Devani will deposit a cash bail of Sh 5 million and provide two contact persons to secure his release.
The magistrate took into consideration the submissions by the defense and the prosecution and the pre-bail report produced in court by the probation officer.
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The court ruled that the pre-bail report did not oppose the release of the accused on bail.
“I have also looked at the nature of the charges and social inquiry in pre bail report, I therefore admit the accused on a bond of Sh 20 million and one surety of a similar amount…..” the magistrate ruled.
The prosecution had opposed his release on bail on grounds that he is at flight risk.
The state relied on Devani’s migration to the United Kingdom as an asylum seeker to avoid trial.
However, his lawyers led by Moses Kurgat argued that Devani was not a flight risk since he was a Kenyan citizen with family ties in the country.
According to the pre-bail report, the businessman is a Kenyan citizen who resides in Westlands, Nairobi, with his wife and son.
He also has a nephew with strong community ties and willing to stand surety for him.
The court further ordered Devani to answer charges on behalf of Triton Petroleum Limited since he was the director of the company at the time the offense was committed.
Devani pleaded not guilty to 11 counts of offenses against the company.
The businessman mas been in custody since 7th August 2024 when he denied corruption charges in relation to the oil scandal.
He pleaded not guilty to charges of disposition of mortgaged goods, conspiracy to defraud, obtaining money by false pretences among others.
The accused person, together with Triton Petroleum Limited are accused of disposing of a volume of 13,054,850 cubic metres valued at USD 10,146,888.36 and Sh 32,017,783.66 of fuel to Total Kenya Limited without the consent of Emirates National Oil Company (Singapore) Limited, the mortgagee.
The case will be mentioned on 29th September 2024 for pre-trial.
