Businessman Yagnesh Devani, who has evaded authorities for 16 years, was on Wednesday charged in relation to the Sh 7.6 billion Triton oil scandal.
Devani was extradited from the UK early this week after the state made a successful application to have him brought back to Kenya to answer fraud charges.
He denied 11 counts of corruption, and the prosecution objected to his release on bail or bond pending the hearing and determination of the case, arguing that he is a flight risk since he fled the jurisdiction of the court for 16 years.
The court was told that Devani is a man of many means, and should the court be inclined to release him on bond, it might be difficult to locate him should he flee the country.
However, Devani, through his lawyer Moses Kurgat, pleaded with the court to release him on bail.
Magistrate Thomas Nzyuki said he would deliver the bond ruling on August 19, further directing that Devani be remanded at Industrial Area Prison until then.
