Sharp Daily
No Result
View All Result
Friday, October 17, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Devani released on KES 5 million bail in Triton scandal case

Teresiah Ngio by Teresiah Ngio
August 20, 2024
in News
Reading Time: 1 min read

Yagnesh Mohanlal Devani, the former Managing Director of Triton Petroleum Company Limited, has been released on a KES 5 million cash bail after pleading not guilty to 11 counts of fraud. Devani, who has been on the run for over a decade, is facing charges related to the KES 7.6 billion jet fuel scandal that rocked Kenya’s oil industry in 2008.

The court, presided over by Chief Magistrate Thomas Nzioki at the Milimani Anti-Corruption Court, also provided an alternative option for Devani to post a KES 20 million bond along with a similar surety.

Devani’s legal team, led by Mwenda Bata, argued that the bail amount was excessively high, but the court maintained its position, stating that Devani would need to prove his inability to meet the bail conditions before any revisions could be considered.

The businessman, who was extradited from the United Kingdom earlier this year after evading capture for over a decade, is accused of committing the offenses between September 5 and December 8, 2008.

RELATEDPOSTS

Prosecution moves to withdraw Devani case for focused trial

August 6, 2024

Three high ranking officials of NCPB charged with conspiracy to defraud farmers

May 2, 2024

As part of the bail conditions, Devani has been ordered to surrender his passport and is barred from leaving the country or contacting any prosecution witnesses.

The prosecution strongly opposed Devani’s release on bond, arguing that he poses a significant flight risk due to his previous fugitive status.

“It was only through bilateral cooperation between Kenya and the UK that the accused was eventually extradited and charged,” noted the Office of the Director of Public Prosecutions (ODPP). They further warned that granting bond could result in Devani seeking asylum in a country that lacks bilateral ties with Kenya, thereby complicating the ongoing legal proceedings.

Despite these concerns, Magistrate Nzioki granted the bail but issued a stern warning to Devani against interfering with witnesses. The next mention of the case is scheduled for August 29, when pre-trial directions will be provided.

Previous Post

Norwegian tourist demands justice after assault by armed gang in Kilimani

Next Post

Hussein Mohamed criticizes Morara Kebaso for misrepresenting government projects

Teresiah Ngio

Teresiah Ngio

Related Posts

News

Start Q4 strong with the Cytonn Money Market Fund

October 9, 2025
News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025

LATEST STORIES

The Challenge of Preserving Retirement Savings in Kenya

October 16, 2025

Understanding Segregated vs Guaranteed Pension Schemes

October 16, 2025

The Sanlam-Jubilee deal

October 16, 2025

Kenya’s industrial real estate awakening

October 16, 2025

Stanbic Kenya in advanced talks to acquire NCBA: A game-changer in Kenya’s banking sector

October 16, 2025

CBK flags surge in financial fraud as losses triple to KES 1.6 billion

October 15, 2025

StanChart Kenya retirees face fresh legal stalemate over KES 7.0 billion pension payout

October 15, 2025

U.S. bank earnings take center stage amid government data freeze

October 15, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024