Businessman Yagnesh Devani was Monday ordered to deposit a cash bail of Sh5 million to secure his release after denying charges of fraudulently disposing of mortgaged petroleum products in September 2008.
Milimani Magistrate Thomas Nzyuki said Devani will either deposit the Sh5 million bail with two personal sureties or deposit a bond of Sh30 million with one surety of a similar amount.
The court allowed his release on bail following a pre bail report filed in court by the probation officer recommending his release pending trial.
He was confirmed to be a Kenyan citizen residing in Westlands with his wife and son.
The report indicated that he also has a nephew and runs a company a long Valley Road.
His son and nephew affirmed to stand surety for him in the case.
Nzyuki further directed that he pleads to charges of the company Triton which had been out on hold as the prosecution confirmed the directorship.
Devani and Triton were accused of the irregular release of 126 million litre of oil in breach of a collateral financing agreement involving Emirates National Oil Company.
Devani faces 11 counts of fraud all ranging from conspiracy to defraud, obtaining by false pretenses and fraudulent disposition of mortgaged goods.
He was among others charged with fraudulent disposition of mortgaged goods.
It’s alleged that Devani on September 5 2008 being the Managing Director of Triton Petroleum Company Limited, respectively together with others before court in another similar case and being the mortgagors of 19,186.130 cubic (Diesel) with intent to defraud the mortgagee, Emirates National Oil Company (Singapore) Limited, disposed of a volume of 13,054.E50 cubic meters valued at USDl0,146,E88.36 and Sh32,0.17,783.66 (totaling Sh1.6B) of the said fuel to Total Kenya Limited without the consent of Emirates National Oil Company (Singapore) Limited, the mortgagee.
The court barred him from travelling out of the country without permission from the court.
He was ordered to deposit his passport in court and barred from interfering with prosecution witnesses.
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