Businessman Yagnesh Devani revives Triton Petroleum Company receivership case

Businessman Yagnesh Mohanlal Devani has moved to the High Court seeking a full accounting of the long-running receivership of Triton Petroleum Company Limited, in a case that could reopen scrutiny into one of Kenya’s most controversial corporate collapses.

In the suit 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, Kenya Commercial Bank, the Eastern and Southern African Trade and Development Bank, and the Central Bank of Kenya as respondents.

The court has certified the matter as urgent and directed the respondents to file their responses within seven days.

Devani is challenging what he describes as a 17-year receivership conducted without transparency or accountability.

In court filings, he 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 of Kenya (CBK) 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.

He also wants an independent inquiry into potential losses and misconduct, a determination of liability among the respondents, and compensation for damages suffered.