Businessman Yagnesh Devani will have to deposit a cash bail of Sh5 million to secure his release after denying charges of fraudulently disposing of mortgaged petroleum products in September 2008.
Milimani Magistrate Thomas Nzyoki said he either deposits the Sh5 million bail with two personal sureties or deposits a bond of Sh30 million with one surety of a similar amount.
The court allowed his release on bail following a pre-bail report filed in court by the probation officer recommending his release pending trial.
From the report, he was confirmed to be a Kenyan citizen.
The report indicates that he also has a nephew and runs a company along Valley Road. His son and nephew affirmed to stand surety for him in the case.
Magistrate Nzyoki further directed that he plead to charges of the company Triton which had been put on hold as the prosecution confirmed the directorship.
Devani and Triton were accused of the irregular release of 126 million litres of oil in breach of a collateral financing agreement involving the Emirates National oil company.
Devani faces eleven counts of fraud all ranging from conspiracy to defraud, obtaining by false pretences and fraudulent disposition of mortgaged goods.
On count one, he was charged with fraudulent disposition of mortgaged goods.
It’s alleged that Devani on September 5, 2008, being the Managing Director of Triton Petroleum Company Limited, together with others before the court being the mortgagor of 19,186.130 cubics (Diesel) with intent to defraud the mortgagee, Emirates National Oil Company (Singapore) Limited, disposed of a volume of 13,054,850 cubic meters valued at USD 10,146,888.36 and Sh32,017,783.66 (totalling Sh1.6bn) of the said fuel to Total Kenya Limited without the consent of Emirates National Oil Company (Singapore) Limited, the mortgagee.
In closing the court barred him from travelling out of the country without permission from the court.
“Let his passport be deposited in court. He is also barred from interfering with prosecution witnesses,” said the Magistrate.
