Former Managing Director of Triton Petroleum Company Limited, Yagnesh Mohanlal Devani, has been released on a Ksh.5 million cash bail after pleading not guilty to 11 counts of fraud.

Devani, who will be answering charges on Triton's behalf, can present a Ksh.20 million bond and a similar surety instead. 

During his Monday court appearance, his lawyer, Mwenda Bata, told the court that his client's bail amount was excessive.

However, the court stated that in order for the terms to be revised, Devani would have to demonstrate his inability to raise the cash bail.

Devani, who is said to have committed the offences between September 5 and December 8, 2008, has been barred from leaving the country or contacting prosecution witnesses while out on bail.

The prosecution opposed Devani's release on bond, claiming that he is a flight risk because he has been a fugitive in the United Kingdom since 2009, when an arrest warrant was issued for him.

At the time, the suspect challenged his extradition from the UK by instituting multiple judicial proceedings. He was eventually only extradited in January this year following bilateral cooperation between Kenya and the UK.

The prosecution hence told the court that granting the accused bond could lead to him seeking asylum in another country without bilateral ties with Kenya.

"It was only through bilateral cooperation between Kenya and the UK that the accused was eventually extradited and charged. The prosecution further pointed out that granting bond could lead to the accused seeking asylum in a country without bilateral cooperation with Kenya, making it difficult to proceed with the case," the ODPP noted.

The accused person however denied all the charges levelled against him and was detained at the Industrial Area Prison.