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The Anti-Corruption Court yesterday ordered businessman Yagnesh Devani 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.

In his ruling, Chief Magistrate Thomas Nzyoki on Milimani Anti-Corruption Court said he either deposits the Sh5 million bail with two personal sureties or deposits or 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.

From the report, he was confirmed to be a Kenyan citizen.

The report indicates that he also has a nephew and runs a company along Valley Road. His son and nephew agreed to stand surety for him in the case.

Fraud charges

Nzyoki further directed that he plead to the fraud charges which had been put on hold as the prosecution confirmed the directorship.

Devani and Triton were accused of the irregular release of 126 million litres of oil in breach of a collateral financing agreement involving the Emirates National oil company.

Devani faces eleven counts of fraud all ranging from conspiracy to defraud, obtaining by false pretences and fraudulent disposition of mortgaged goods.

On count one, he was charged with fraudulent disposition of mortgaged goods.

It is alleged that Devani on September 5, 2008, being the Managing Director of Triton Petroleum Company Limited, together with others before the court being the mortgagor of 19,186.130 cubics (Diesel) with intent to defraud the mortgagee, Emirates National Oil Company (Singapore) Limited, disposed of a volume of 13,054,850 cubic meters valued at USD 10,146,888.36 and Sh32,017,783.66 (totalling Sh1.6bn) 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 its permission.

“Let his passport be deposited in court. He is also barred from interfering with prosecution witnesses,” said the Magistrate.