The long arm of the law finally catches up with Devani
7:08:2024: The director of Triton Petroleum Co. Ltd, through which over Kes7.6 billion of taxpayers’ money was stolen in the irregular sale of petroleum products belonging to Kenya Pipeline Company Ltd, has finally been arraigned after over 16 years of cat and mouse.
Mr. Yagnesh Mohanlal Devani, who was arrested yesterday by EACC, pleaded not guilty to all 11 counts before Chief Magistrate Hon. Thomas Nzyoki at Milimani Law Courts. He was charged with two counts of fraudulent disposition of mortgaged goods, eight counts of conspiracy to defraud, and one of obtaining by false pretenses.
The Court was told that Mr. Devani, on September 5, 2008, being the managing director of Triton Petroleum Co. Ltd, a duly incorporated limited liability company together with others before the Court in ACC18/2009 and being mortgagors of 19,186.130 cubic metres of diesel jointly and with intent to defraud Emirates National Oil Company (Singapore) Ltd, disposed 13,054.850 cubic metres valued at US$10,226,888.36 and Kes32 million of the said fuel to Total Kenya Ltd without the consent of the mortgagee.
In count two, Devani, with others before the court in ACC18/2009, being the mortgagors of 4,261.203 cubic metres of Jet-A1 (aviation fuel) jointly and with intent to defraud the mortgagee, Emirates National Oil Co. Ltd, disposed of 675.592 cubic metres valued at US$550,020 to Total Kenya Ltd on October 6, 2008, without the consent of the mortgagee.
He and others before the court in ACC18/2009 conspired on November 24, 2008, to defraud Kenya Shell Ltd. of US$2,246,391.34 and Kes7,059,201.59 by purporting that Triton Petroleum Co. Ltd had 4,449.42 cubic metres of diesel held by Kenya Pipeline Co. (KPC) Ltd at the Kipevu Oil Storage facility available for sale on an unknown date between November 24 and December 30, 2008.
They also conspired, on an unknown date between November 27 and 30, 2008, to defraud Engen Kenya Ltd of US$286,908.22 and Kes901558.31 by purporting that Triton Petroleum Co. Ltd had 567.36 cubic metres of diesel held by KPC Ltd at the Kipevu Oil Storage facility available for sale.
They conspired, on an unknown date in November 2008, to defraud GAPCO Kenya Ltd of US$114,763.29 and Kes360,623.33 by purporting that Triton Petroleum Co. Ltd had 228.047 cubic metres of diesel held by KPC Ltd at the Kipevu available for sale.
Within the same period, they defrauded two other companies of millions of shillings on the pretense that Triton Petroleum Company Ltd had volumes of cubic metres of diesel at KPC Ltd Kipevu depot available for sale. These included Hashi Empex Ltd, US$114,763.29 and Kes360,623.33, and Muloil Kenya Ltd, US$162,275.85 and Kes51,919.39.
Between November and December 2008, they conspired to defraud Emirates National Oil Company (Singapore) Private Ltd 1,685.122 metric tons of aviation fuel shipped via MT Chang Jiang valued at US$1,683,915.07 by issuing false inventory of stocks held by KPC Ltd on Collateral Finance Account of Triton Petroleum Co. Ltd and Emirates Oil Company Private Ltd. In the same period, they also, through Triton Petroleum Co. Ltd, conspired to defraud the same company of 15,966.431 metric tons of diesel shipped via MT Summit Europe valued at US$1,4736,672 and 9,395.596 metric tons of diesel shipped via MT Overseas Primar valued at US$5,658,973.05 by issuing false inventory stocks by KPC Ltd on joint Collateral Finance Account of Triton and Emirates companies.
Lastly, the court heard that Devani and others before the Court in ACC18/2009 jointly and with intent to defraud obtained US$1,040,000 from Petro Kenya Co. Ltd by pretending that Triton Petroleum Co. Ltd had an aggregate volume of 2,000 metric tons of diesel held at KPC Ltd at Kipevu depot available for sale.
Devani was charged alongside Triton Petroleum Co. Ltd, where he was the director. The defense counsel, however, raised a preliminary objection against Devani taking a plea on behalf of the second accused as the company had since been placed under receivership. The prosecution countered by stating that no tangible evidence had been tabled to that effect. Court ordered to be furnished, within seven days, with leadership composition of the company as at end of the year 2009.
The prosecution also opposed bail through an affidavit by the investigating officer. The State argued that the accused was a high flight risk, having sought asylum in the United Kingdom, where he stayed for about 15 years and challenged extradition.
In a long-protracted argument, the defense put up a spirited fight to secure the release of their client on bond, arguing, among others, that their client was within his legal rights to challenge his extradition and that he had been a good citizen who cooperated with law enforcement since he returned to the country in January this year. They also argued that before the collapse of his business empire, he employed over 3000 Kenyans and was, at some point, a leading taxpayer. He is, they argued, a Kenyan citizen with only one passport.
The court ordered a pre-bail report with a social inquiry on the accused to be filed within 7 days. It also ordered the accused to be remanded at Industrial Area Prison until August 19, 2024, when it will reconvene for a ruling on bond request and to issue other relevant directions.
