EACC Detains Billionaire Yagnesh Devani in Ksh7.6 Billion Triton Oil Scandal
The Ethics and Anti-Corruption Commission (EACC) has detained Yagnesh Devani, the primary suspect in the Ksh7.6 billion Triton oil scandal.
Devani was captured at his Nairobi office and is now being held at the Milimani Anti-Corruption Court as he awaits his court appearance.
EACC Spokesperson Eric Ngumbi has confirmed the arrest.
The Triton oil scandal began in 2008 when an audit uncovered that 126.4 million liters of oil had been irregularly and illegally distributed to Triton Petroleum Limited between November 2007 and November 2008.
The audit found that Triton was not authorized to receive the oil, and the release was not sanctioned by the financiers as required by their contracts.
The audit also exposed that the Kenya Pipeline Company (KPC) violated its agreement with financiers by releasing the stocks without their approval.
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Additionally, it was discovered that KPC issued false statements about these stocks, leading to legal action from financiers and defrauded oil marketers.
The scandal’s financial impact was calculated based on a conservative rate of Ksh60 per liter, despite the average price being Ksh100 per liter at the time.
At the height of the scandal, the Kenya Revenue Authority (KRA) notified banks and receivers who had seized Triton’s assets about its claim of Ksh4 billion in unpaid taxes and penalties.
The KRA also sought Ksh2 billion in unpaid corporate taxes for the period ending December 2007 and additional penalties for storage at the Kipevu Oil Storage Facility in Mombasa.
Initially, it was suspected that Triton might have leveraged strong political connections to receive favorable treatment from KPC.
During President Daniel Arap Moi’s administration, Triton secured several lucrative contracts to supply petroleum products to the Kenya Power and Lighting Company.
EACC Detains Billionaire Yagnesh Devani in Ksh7.6 Billion Triton Oil Scandal
