Billionaire Yagnesh Devani, implicated in the Ksh 7.5 billion 2008 Triton Oil scandal, has been released on a Ksh 20 million bond with an alternative cash bail of Ksh 5 million.
The prosecution had earlier on objected to the release of Devani on bond and or bail saying he was a flight risk who was extradited to Kenya under an international warrant of arrest.
However, the magistrate differed with the ODPP saying the right to bail and bond under Article 49 (1) (h) should only be denied where there is a probable cause.
Magistrate Thomas Nzyoki said in his ruling that the prosecution did not adduce compelling reasons to deny Devani bail.
He further said that his defense counsel Moses Kulgat and Hillary Kiplagat provided sufficient evidence to prove that Devani did not escape Kenya.
He indicated that by the time extradition proceedings were commenced, he had already left the country.
They submitted that Devani spent more time in the United Kingdom trying to fight extradition order issued by a Kenyan court in 2009.
The court also found that in the pre-bail report that Devani was a major shareholder of Triton petroleum company limited and subsequently ordered him to answer charges on behalf of the company.
Devani is charged for defrauding Emirates Petroleum company Sh7.5 billion in oil transaction.
The matter will be mentioned on August 29 for pre-trial.
