2009 Triton Oil Scandal

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The 2009 Triton Oil scandal involved the unauthorized release of oil by Kenya Pipeline Company (KPC) without informing financiers. This oil scandal became public in January 2009.

The release of the oil occurred in 2008 when Triton Oil Company was allowed by KPC to withdraw oil amounting to KSh.7.6 billion/= or (US$98.7 million). [1] The company collapsed shortly afterward, withdrawing the oil and selling it to the market. [2]

Triton Oil was owned by Yagnesh Devani. Kenya issued a warrant to arrest him, but as of January 2010 he was at large and believed to be in hiding abroad. [3]

Devani was extradited to Kenya on 23 January 2024 and charged at Milimani anti-corruption court. On 6 August 2024, Kenya's corruption commission arrested Devani and arraigned him. He was charged with defrauding the state Ksh7.6billion in the scandal. He was later released on 20million bond or ksh.5million cash bail. A final ruling on the case is yet to be made. [4]

See also

References

  1. ↑ PWC "Triton Oil Scandal Report",'Scribd', 2010-01-29. Retrieved on 2010-01-29.
  2. ↑ "KACC asked to probe $98.7 million Triton oil theft at Kenya Pipeline", The East African, January 10, 2009. Accessed 2009-05-13. Archived 2009-08-16.
  3. ↑ Daily Nation, January 2, 2009: [No end to Triton saga one year on http://www.nation.co.ke/business/news/-/1006/834932/-/hejqv2z/-/index.html]
  4. ↑ "Runaway tycoon Yagnesh Devani out on bond, ordered to surrender passport". Daily Nation. 19 Aug 2024.


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