NAIROBI, Kenya, Aug 19 – Businessman Yagnesh Devani has been granted a Sh5 million cash bail in the Sh7.5 billion Triton oil scandal case against him.
Trial magistrate Thomas Nzioki gave him an alternative Sh20 million bond plus two contact persons.
He said in his ruling that the prosecution did not adduce compelling reasons to deny the businessman bail.
He further said that his defense counsel Moses Kulgat and Hillary Kiplagat provided sufficient evidence and that Devani did not escape Kenya.
He indicated that by the time extradition proceedings were commenced, he had already left the country.
They submitted that Devani spent more time in the United Kingdom trying to fight extradition order issued by a Kenyan court in 2009.
The court also found that in the pre-bail report that Devani was a major shareholder of Triton petroleum company limited and subsequently ordered him to answer charges on behalf of the company.
Devani is charged for defrauding Emirates Petroleum company Sh7.5 billion in oil transaction.
The matter will be mentioned on August 29 for pre-trial.
