Milimani court has acquitted businessman Yagnesh Devani and four of sha 1.9 billion fraud through Triton Petroleum Company.
Presideing magistrate Zainab Abdul ina ruling said the prosecution failed to prove the fraud claims day
The five Yagnesh, Mahindra Pathak,Julius Kilonzo, Collins Otieno and Benedict Mutua, and Triton Petroleum Company. Were consequently acquitedd under section 210 of the criminal procedure code
Kevan fled the country immediately the case commence in 2009 and has been on the run.
The trial proceeded in his absence and the ruling was delivered without him in court where he was acquited
The five had been charged with conspiring to defraud KCB by fraudulently discounting Triton petroleum of invoices amounting to 12M dollars (Ksh 1.9 billion) in breach of the limit approved and the conditions imposed by the board of directors of KCB and when in actual fact no oil was sold by Triton to total Kenya by falsely representing the said invoices.
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Yagnesh Devani appeared in court on Monday before Milimani Magistrate Robinson Ondieki where he has been charged with stealing 318.656 metric tonnes of jet fuel valued at US$ 365,974.05 (equivalent to Sh1.5 billion), the property of Kenya Commercial Bank (KCB).
The court was to issue pretrial directions but the prosecution indicated that they are yet to supply the exhibits and statements to the defense team. They sought for more time as the exhibits are the same that were being relied on other cases facing Devabi.
The Magistrate adjourned the matter to March 26 for pretrial. Hearing will commence on April 3.
Yagnesh was arraigned before the Milimani Law Courts on January 23 this year after decades of running from the long arm of the law.
The charges against him state that between April 23 and December 4, 2008 at Kipevu Oil Storage Facility in Mombasa county, jointly with others before court, he stole 2,000 metric tonnes of Automotive Gas Oil valued at US$ 215,934, the property of KCB.
The court was told that between May 15, 2008 and December 4, 2008 at Kipevu oil storage facility within Mombasa County, jointly with others not before Court, stole 418.134 metric tons of motor spirit premium valued at US$ 438,031.10, the property of Kenya Commercial Bank.
He was released on a cash bail of sh 1 million.