A 17-year receivership with no public accounting is now at the centre of a major High Court challenge.

That is after Yagnesh Mohanlal Devani, principal shareholder of Triton Petroleum Company Limited, through his lawyers Echessa & Bwire Advocates, LLP, moved to court seeking answers in one of the longest receiverships in Kenya’s corporate history.

The suit, filed in the Commercial and Tax Division of the High Court in Nairobi, names as defendants the receivers and managers of Triton Petroleum, Kenya Commercial Bank, the Eastern and Southern African Trade and Development Bank (TDB), and the Central Bank of Kenya.

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The court has certified the matter as urgent and ordered the defendants to respond within seven days. For over 17 years, the suit alleges that no full accounts have been rendered to shareholders.

"No disclosure of how assets were disposed of or recoveries made and there has been no transparency on expenses incurred during receivership," the suit says.

Devani also claims that no meaningful regulatory intervention has been made despite repeated complaints. He asserts that assets were taken over, managed, and disposed of without any verifiable accounting to those legally entitled to it.

He has also raised questions about the conduct of Kenya Commercial Bank and other lenders, accused of failing to account while exercising control over company assets.

"The receivers, alleged to have breached fiduciary and statutory duties while the Central Bank of Kenya failed to act despite its supervisory mandate."

“A receivership is not a black hole. It cannot run for 17 years without accountability. This case is about exposing what happened, recovering what was lost, and restoring the rule of law," Devani says.

He wants the High Court is being asked to compel a full forensic accounting of all assets, disposals, recoveries, and expenses over the 17-year period.

He is also seeking an order for an independent inquiry into losses and potential misconduct. The court should also determine the liability of the banks, receivers, and regulator and award appropriate compensation and costs.

This case is a test to whether a receivership can lawfully continue indefinitely without transparency.

It will also test the limits of power exercised by banks and receivers over distressed companies; and the effectiveness of regulatory oversight within Kenya’s financial system