Fugitive businessman Yagnesh Devani, charged in connection with the Sh7.6 billion Triton Oil scandal, was released on Monday after being granted a bond of Sh20 million with a surety of the same amount.
Alternatively, Devani can secure his release by depositing a cash bail of Sh5 million, along with two personal sureties, provided by his son and nephew.
In his ruling, Chief Magistrate Thomas Nzyoki stated that the prosecution had not provided sufficient reasons to justify denying bail to the businessman, contrary to the state’s request.
The court took into account the pre-bail report, which indicated that Devani has a residence in Westlands and maintains an office at Chancery House on Valley Road, suggesting he does not pose a flight risk.
Additionally, the court noted that Devani’s son and nephew had willingly offered to stand as sureties to ensure his court attendance.
The court further ordered Devani to surrender his passport and prohibited him from leaving the country without court permission.
It is alleged that Devani evaded authorities for 16 years before being extradited.
Devani was apprehended by EACC officers earlier today and brought before the court, following a warrant of arrest issued in 2009.
The case centers around allegations that Devani conspired to defraud several petroleum companies by falsely claiming that Triton had diesel available for sale at the KPC storage facility in Kipevu
