Runaway tycoon Yagnesh Devani out on bond, ordered to surrender passport
Businessman Yagnesh Devani in court.
Runaway tycoon Yangesh Devani, who has been in custody for the last 13 days, has been freed on Sh20 million bond or Sh5 million cash bail.
Mr Devani, who was captured after being on the run for more than 10 years, is facing charges stemming from Sh7.6 billion jet fuel scandal that rocked Kenya’s oil industry in 2008.
While releasing Devani on Monday, Milimani anti-corruption court Chief Magistrate Thomas Nzioki ordered the businessman to deposit his passport with the court, and warned him against interfering with witnesses.
"I have considered all the submission by defence lawyers and the pre-bail report and find that the accused is a good candidate for bail," ruled Mr Nzioki.
The magistrate said probation officers had recommended that the accused be freed on bond since he is an established businessman.
Mr Nzioki further noted that Mr Devani is a family man, with one son.
The magistrate overruled the prosecution contention that he is a flight risk as he had fled the country for 15 years.
Mr Nzioki noted that Mr Devani had objected his repatriation bid by the state expressing the deplorable conditions of the prisons and fears over Kenya's justice system.
The magistrate further said he had taken into consideration the observations of Magistrate Robinson Ondieki, who is trying Mr Devani in another criminal case.
Mr Nzioki said defence lawyers Moses Kurgat, Mwenda Mbaka and Hilary Sigei had proved that Mr Devani would turn up for trial since he (Devani) was exercising his rights and that he was not running away from justice.
"I note that the UK proceedings by Devani was not a ploy to defeat justice but was exercising his rights to secure freedom and entrench his fundamental rights," ruled Nzioki.
Mr Devani was locked up on August 7 to give the director of public prosecutions time to will file proper charges against him.
Mr Nzioki fixed the case to be mentioned on August 29 for pre-trial directions.
