Tycoon Devani to spend two weeks in remand after denying theft of Sh7.6bn petroleum products

Oil tycoon Yangnesh Devani will spend an additional 13 days in prison awaiting a social inquiry to determine if he will be suitable for bail and bond after he was charged with theft of 126 million litres of petroleum products worth Sh7.6 million in 2008.

Devani, the Managing Director of Triton Petroleum Limited, was charged with two counts of fraudulent disposition of mortgaged goods contrary to section 291 as read with section 36 of the Penal Code.

Ethics and Anti-Corruption Commission's investigator Andrew Lekampash filed an affidavit to oppose bail and bond terms for the suspect.

Lempakash urged the court to consider that the suspect is facing serious charges that attract severe punishment and the fact that he had evaded trial and absconded court after he was charged earlier this year.

The investigator pleaded with Senior Principal Magistrate Thomas Nzioki of the Milimani Anti-Corruption Court to deny Devani bail and bond in the interest of justice.

"Arising from the past conduct of the accused, I believe there are compelling reasons to deny (Devani) bail and bond, which include but are not limited to the fact that he is a flight risk and is likely to abscond and fail to attend court again if granted bail," states Lempakash in his affidavit.

Devani fled the country to evade trial after allegedly auctioning the petroleum products that included aviation fuels.

Lempakash said after 15 years of remaining a fugitive, Devani was extradited to the country on January 23, 2024, and was charged in the Milimani law courts.

The suspect absconded court and a warrant had been issued. He was on the run until he was arrested on Tuesday morning by EACC detectives.

He is accused of fraudulently disposing of the oil products belonging to Emirates National Oil Company (ENOC) which were irregularly released by the Kenya Pipeline Company to his Triton Petroleum Limited in breach of collateral Financing Agreement involving ENOC.

In the first two counts, he is accused of fraudulently selling different amounts of oil belonging to several companies including Emirates National Oil and Kenya Shell.

Other companies that lost their oil products include Engen, and GAPCO Kenya Limited, Hashi Empex Limited and Muloil Kenya Limited.

The oils, mainly aviation fuel, were at the time stored by KPC at the Kipevu Oil storage facility. Devani is accused of disposing of the oils between September and November 2008.

The suspect is facing an additional nine charges of conspiracy to defraud in contravention of section 317 of the Penal Code fuel where he is accused of colluding with others earlier charged in court to defraud the companies of their fuels.

He allegedly obtained oil products of different amounts and varied value – by issuing a false inventory of stocks held by the KPC on the Collateral Finance Account at his Triton Petroleum Limited.

The suspect denied all the charges before Nzioki. The magistrate remanded him awaiting bond bail determination.