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 The Kenya authorities have admitted that criminal activities have been
taking place at KPC, something some petrol retailers had long
maintained.
 Photo ( Tony Kamau ): Triton Petroleum chief William Mundia shows President Kibaki around the firm’s stand during exhibition.
The mystery that continues to surround Triton, a fast-rising dealer
whose colourful public functions have attracted the political who’s
who, threatens to unravel the state-run oil import scheme. A paper
trail seen by local media indicates that a huge oil shipment worth
billions of shillings and financed by KCB disappeared from the Kipevu
Oil Storage Facility (KOSF), leaving the indigenous banker groping
about to seize the assets of the company linked to its once high-flying
executive chairman, Yagnesh Devani.
Triton had won the October (for December delivery) oil importation
tender for the industry under the Open Tender System (OTS) where one
player supplies most of the industry demand. Last week, a court order
putting a caveat on fixed and movable assets of Triton was published in
the press by financier KCB amidst unconfirmed reports that Mr Devani
had gone to India. “His whereabouts are unknown as he is alleged to
have fled the country on or about December 10, 2008,” said KCB of the
man, in papers filed in court. Triton has interests in Dubai, Angola
and most of the eastern Africa countries. The KOSF is owned by Kenya
Pipeline, who were holding the fuel in trust for parties including
financiers and dealers.
“KPC turned around to tell us they have no product for Triton financed
by KCB, yet we have been receiving statements from them indicating
products held in our favour,” an apparently distressed KCB official
wrote to an oil company who had agreed to buy some of the fuel. Several
sources last week said that at least three KCB officials whose names
this newspaper has were suspended over the affair. Ahead of sending KPC
chief George Okungu on compulsory leave — interpreted to mean sacking —
two officials were either sacked or suspended at the parastatal.
Two companies alleged to be associated with Mr Devani, Triton Petroleum
and Triton Energy, were placed under receivership between December 19
and 20, 2008 by KCB and pan-African PTA Bank, reported in the media to
be owed over Sh700 million. Subsequent attempts to lift the status were
dismissed in courts. Unfortunately KCB says most the assets of
the defendants are unknown and a support affidavit sworn by its
relationship manager John Oringo says, “the plaintiff is not aware of
any assets owned by either defendant (Mr Devani, Triton) sufficient to
meet the amount demanded under the deeds of guarantee and indemnity.”
KCB is just one of the parties that are making claims against Triton.
Last month, Engen, a petroleum vendor, wrote to Energy PS Patrick
Nyoike demanding intervention over the failure to supply them with fuel
despite making payments to them.
PetrolWorld 090109
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