Economy
Abraaj’s Naqvi Sentenced to Prison in Absentia by U.A.E. Court
(Bloomberg) — Arif Naqvi, the founder of defunct Dubai-based private equity firm Abraaj Group, was sentenced in absentia to three years in prison by a court in the United Arab Emirates for a case involving low-cost carrier Air Arabia, people familiar with the matter said.
It’s unclear whether Naqvi will serve the sentence, given he’s in London awaiting a hearing over his potential extradition to the U.S. The sentencing comes a week after the Dubai financial center watchdog fined the collapsed buyout firm a record $315 million for misleading investors and misappropriating their funds.
Naqvi’s legal representative declined to comment, and Air Arabia representatives weren’t available to comment. Calls to the court in Sharjah, where Air Arabia filed the case, were unanswered.
Naqvi faces fraud allegations in the U.S. In London, he was granted conditional bail in May after paying the largest security bond ever ordered in the U.K. While he awaits his extradition hearing, he must wear an electronic tag and stay in his London home as part of the bail conditions. Naqvi maintains his innocence and expects to be cleared of any charges, his spokesman has previously said.
In February, the airline reported a full-year loss after booking impairments to cover its $336 million exposure to Abraaj. The buyout firm borrowed money from Air Arabia, on whose board Naqvi sat. The money was then used to cover shortfalls in one of the Abraaj funds and mislead investors, according to U.S. prosecutors.
Naqvi faced a court case in Sharjah before when he was accused of writing bad checks. The court sentenced him to three years in prison, but the case was then immediately dropped after he reached a settlement with the plaintiff.
–With assistance from Zainab Fattah.
-
Leaders Speak2 months agoDhofar International Development and Investment Company: Driving Sustainable Growth and Strategic Synergies in Oman’s Investment Landscape
-
Economy1 month agoMaal Card: What Oman’s New National Payment Card Means for Everyday Users
-
Events2 months agoOER Corporate Excellence Awards 2025 Honours Entities and Innovations in Oman
-
Arts and Culture2 months agoOminvest and Bait Al Zubair Launch “Future Frames” to Empower Youth through Art and AI
-
News1 month agoSheikh Suhail Bahwan, Chairman of Suhail Bahwan Group, Passes Away
-
Economy1 month agoOman Unveils Official Omani Rial Symbol in Landmark Move to Boost Global Currency Presence
-
News4 weeks agoOIG Appoints New CEO to Lead Its Next Chapter of Excellence
-
News4 weeks agoReport: How India & The Middle East Are Exploiting Immense Economic Synergies

You must be logged in to post a comment Login