Businessman Yagnesh Mohanlal Devani has moved to the High Court seeking to compel a full account of the prolonged receivership of Triton Petroleum Company Limited, reopening questions around one of Kenya’s most controversial corporate collapses.
In the case filed before the Commercial and Tax Division of the High Court, Devani, through Echessa & Bwire Advocates LLP, has sued the Receivers and Managers of Triton Petroleum, Kenya Commercial Bank, the Eastern and Southern African Trade and Development Bank, and the Central Bank of Kenya.
The court has already certified the matter as urgent, directing all respondents to file their responses within seven days.
Devani argues that the receivership, which has run for 17 years, has been conducted without transparency. He claims shareholders have never been furnished with comprehensive accounts detailing how the company’s affairs have been handled.
According to the court documents, there has been no clear disclosure on how Triton’s assets were managed or disposed of, or the amount of money recovered during the receivership period.
He further alleges that expenses incurred over the years have not been properly explained, raising concerns over possible mismanagement.
The suit also questions the conduct of the lenders and regulators. Devani accuses the banks of failing to properly account for assets under their control, while the receivers are said to have breached their legal and fiduciary duties.
The Central Bank of Kenya has been faulted for allegedly failing to step in despite its oversight role in the banking sector.
Devani is now asking the court to order a full forensic audit covering all transactions, asset disposals, recoveries, and expenses spanning the 17-year period.
He is also seeking an independent inquiry into possible misconduct, a determination of liability among the parties involved, and compensation for losses he says were suffered during the receivership.
