Businessman Yagnesh Devani, implicated in the Sh7.6 billion Triton Oil scandal, has been arrested by detectives from the Ethics and Anti-Corruption Commission (EACC).
Devani was taken to the Milimani Law Courts for further proceedings.
EACC Spokesman Eric Ngumbi confirmed the arrest, stating, “The principal suspect in the sh.7.6 billion Triton Oil scandal, Mr. Yagnesh Devani, has been apprehended this morning.”
The Triton scandal, which dates back to 2008, involved Devani’s company, Triton Petroleum Limited.
The company secured a contract to supply oil under a scheme intended to support local firms.
However, an audit revealed that between November 2007 and November 2008, Triton received 126.4 million liters of oil unlawfully.
The release of these stocks was unauthorized by financiers and breached contractual agreements with the Kenya Pipeline Company (KPC).
KPC’s mismanagement included issuing false statements about the stocks, leading to legal disputes and financial losses for oil marketers.
The scandal’s financial impact was significant, with the Kenya Revenue Authority (KRA) claiming Sh4 billion in unpaid taxes and penalties from Triton, including Sh2 billion in unpaid corporation taxes and additional storage fees.
Triton, which had strong political ties during President Daniel arap Moi’s administration, reportedly leveraged these connections to secure advantageous contracts with the Kenya Power and Lighting Company.
Masengeli Tells Police Officers In Civilian While In Operation To Identify Themselves When Asked
