Oil billionaire Yagnesh Devani Skips Mention Of Ksh.1.5 Billion Kipevu Jet Fuel Case

Oil magnate Yagnesh Mohanlal Devani once again failed to make an appearance in court for the mention of the Kipevu jet fuel case, involving a staggering sum of Ks.1.5 billion. This marks the third consecutive absence by Devani from court proceedings. Instead, his legal representative attended the session and requested the court to grant his client exemption from appearing until the scheduled hearing date.

Curiously, Devani’s lawyer omitted to disclose the whereabouts of his client during the proceedings. Notably, during the previous mention, the court had issued a warrant for Devani’s arrest, which remains outstanding.

The Director of Public Prosecution raised objections to the application, citing that they had not received formal notification of it.

Senior Principal Magistrate Robinson Ondieki instructed the defense counsel to ensure that the Director of Public Prosecution is served with the application prior to the forthcoming hearing on April 29, 2024.

Devani stands accused of the embezzlement of 318.656 metric tonnes of jet fuel, valued at Ksh.1.5 billion, belonging to the Kenya Commercial Bank. He had been evading authorities for 16 years before being extradited from Britain in January.

On January 23, 2024, Devani was presented before Magistrate Ondieki, where he pleaded not guilty to four charges related to the irregular sale of petroleum products acquired through loan facilities extended to his company, Triton, by KCB bank.

Reports suggest that in 2023, Devani struck a deal with high-ranking government officials to return from London to Nairobi to face charges, despite having an outstanding arrest warrant.

The charges against him allege that between April 23 and December 4, 2008, at the Kipevu Oil Storage Facility in Mombasa County, in concert with accomplices, he misappropriated 2,000 metric tonnes of Automotive Gas Oil valued at US$ 215,934, belonging to KCB.

Furthermore, it is alleged that between May 15, 2008, and December 4, 2008, at the Kipevu oil storage facility within Mombasa County, Devani and his associates stole 418.134 metric tons of premium motor spirit valued at US$ 438,031.10, also the property of Kenya Commercial Bank.