Kenya : New Arrest Warrant Issued for Former Triton CEO
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Friday, 17 July 2009 |
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The Nairobi Chief Magistrate's court has issued a fresh warrant of
arrest against businessman Yagnesh Devani who is charged with
defrauding Kenya Commercial Bank of over us$13m.
Devani the former CEO of Triton Oil Company with nine
others, were charged with stealing more than us$13m (995 million
shillings) from Kenya Commercial Bank after acquiring oil from the
Kenya Pipeline Company using KCB as security.
The oil business mogul who has since gone missing has not yet answered
to the charges. His accomplices pleaded not guilty and were
released on cash bails of 1 million shillings each(us$13k).
However two of the accused persons told the court to review the
cash bail terms as they were unable to raise the amount. Senior
resident magistrate Stella Muketi told them to look for ways of raising
the money since the other accused persons have managed to pay the cash
bail.
The scam arose after it was alleged that petroleum worth billions of
shillings held in trust by the Kenya Pipeline Company was released to
Triton Oil illegally. The scam saw the KPC managing director George
Okungu called to court before being suspended. The scandal also left
three international oil companies, Glencore, Emirates National Oil
Company and Fortis Bank plus the Kenya Commercial Bank at the risk of
losing 7.6 billion shillings.
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