Kenyan tycoon Yagnesh Devani will remain in custody for the next 12 days pending a ruling on whether he will be released on bail in the Sh 7.6 billion fuel scandal.
Chief Magistrate Thomas Nzyoki directed that in the meantime, Devani be remanded at the Industrial Area Remand prison.
In addition, the magistrate ordered a pre-bail report to be filed by the probation officer to guide the court in its determination.
“The report should detail persons related to him, where his wife and son are and also about his behaviour,” the magistrate ruled.
The prosecution opposed the release of Devani on bail after he pleaded not guilty to graft charges in relation to the 2008 oil scandal.
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The state, through prosecutor Jeremiah Walusala argued that the businessman is at flight risk and should therefore be denied bail.
It is alleged that Devani and Triton Petroleum Limited which is currently under liquidation, failed to take plea in 2009 with the other accused persons.
The EACC affidavit
According to an affidavit sworn by EACC investigator Andrew Lekamparish, at the time investigations were being completed, Devani had fled the country to avoid trial.
The court heard that in August 2009, extradition proceedings to bring Devani back to Kenya from the United Kingdom were initiated.
“Yagnesh Mohanlal Devani made several applications in the UK challenging his extradition to Kenya but ultimately, all the cases where he was challenging his extradition were dismissed by the Apex Court in the United Kingdom vide Court of Appeal in Secretary of State for Home Department vs. Yagnesh Mohanlal Devani (2020) EWCA Civ 612 through a judgement delivered on 7th May 2020,” said
However, after 15 years of remaining a fugitive, Devani was extradited on 23rd January 2024 and was charged in Milimani CMCR Case Number E072 of 2024.
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Devani 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.
It is alleged that Devani and the co-accused committed the offense on 5th September 2008, being the Managing Director of Triton Petroleum Company Limited, being the mortgagor of 19,186.130 cubics metres of diesel with intent to defraud the mortgagee, Emirates National Oil Company (Singapore) Limited.
In another charge, the two are accused of conspiring to defraud Kenya Shell Limited of USD 2.2 million (apprx Sh 283 million) and Sh7,059,201.59 by purporting that Triton Petroleum Company Limited had a volume of 4,449.42 cubic meters of diesel (AGO) held by Kenya Pipeline Company Limited at the Kipevu oil storage facility available for sale.
Triton’s plea taking
The magistrate deferred the plea taking by Triton after Devani’s lawyers led by Moses Kurgat opposed his pleading on behalf of the company.
They claimed their client could not answer charges on behalf of a company that is under liquidation since he is no longer the director.
It was their submission that Triton had many directors and it would be unfair to have only Devani answer the charges on behalf of the company.
The court ordered that they file documents showing who the directors were on or before 2009 when the cases against him commenced.
On the issue of bail, Kurgat argued that there were no sufficient grounds sworn in the affidavit to deny his client bail.
He told the court that his client had not refused to come back to Kenya to face the charges against him, rather, he was waiting for the extradition hearing to be concluded.
It was the defense submissions that Devani did not think the political environment at the time would let him get a fair trial since he had disposed his assets to pay the debts he owed.
The court will deliver the ruling on bail opposition on 19th August 2024.
