Businessman Yagnesh Mohanlal Devani who has been on the headlines for the past 15 years is back in court but now as a plaintiff suing Kenya Commercial Bank (KCB) and Central Bank of Kenya (CBK) over receivership of the company Triton Petroleum Company Limited.
Devani has moved to the High Court seeking a full accountability of the long-running receivership of Triton Petroleum Company Limited for the past 17 years.
In court documents, filed before the Commercial and Tax Division of the High Court of Kenya, Devani, through Echessa & Bwire Advocates LLP names the Receivers and Managers of Triton Petroleum, KCB, the Eastern and Southern African Trade and Development Bank, and CBK as respondents.
Devani claims that there are no comprehensive accounts that have been rendered to shareholders since the company was placed under receivership.
The application alleges that there has been no clear disclosure on how Triton Petroleum’s assets were managed, disposed of, or how much was recovered during the period. It further claims that expenses incurred throughout the receivership have not been adequately explained.
The businessman is also raising concerns over the conduct of the lenders and the regulator. He accuses the banks of failing to account for assets under their control, while the receivers are alleged to have breached their fiduciary and statutory obligations.
The central bank is cited in the proceedings for allegedly failing to intervene despite its supervisory role over the banking sector.
Devani is asking the court to compel a full forensic audit covering all assets, disposals, recoveries, and expenses over the 17 years.
The businessman also seeks an independent inquiry into potential losses and misconduct, a determination of liability among the respondents, and compensation for damages suffered over for close to two decades.
Justice Moses Ado has directed that parties file their responses within seven days with the matter set for hearing in a week’s time.
