Banking & Finance
Abraaj Founder Naqvi Hasn’t Paid $20 Million Bail, Stays in Jail
(Bloomberg) — Arif Naqvi, the Abraaj Group founder caught up in a U.S. fraud probe, is still being held in U.K. jail days after he won bail — because he hasn’t paid the 15 million-pound ($20 million) security bond.
Read: Ghosn, Naqvi Find Interpol Links Aren’t Get-Out-of-Jail Card
Naqvi can be released once he pays, a London court ruled on Friday. But Westminster Magistrates’ Court confirmed on Tuesday that he’s yet to come up with the funds and is still in custody. His spokeswoman and lawyer didn’t immediately comment.
The bail bond is the largest of its kind ever ordered in the U.K., Naqvi said in his filings for Friday’s hearing. The conditions — which include staying in his London home and wearing an electronic tag — “effectively amount to house arrest,” the judge said in court.
Naqvi is one of several Abraaj officials caught up in a probe of what had been the Middle East’s biggest private-equity fund. He is charged with inflating the value of the Dubai-based firm’s holdings and stealing hundreds of millions of dollars. He denies the accusations and says the idea he took money out for his own personal benefit is “ludicrous.” He’s fighting a U.S. extradition bid.
Abraaj collapsed last year in the world’s biggest private-equity insolvency. Founded in 2002, it grew to become one of the world’s most influential emerging-market investors, with stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey.
Naqvi surrendered control in 2018. Abraaj, which managed almost $14 billion, was forced into liquidation in June after a group of investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of money in its health-care fund.
-
Oil & Gas1 month ago
Oman Oil Exports Exceed 135.3m Barrels by End of June 2024
-
Hospitality2 months ago
OMRAN Group Achieves RO31.6M Net Profit, 44.6% Revenue Growth
-
Energy2 months ago
VIDEO: Dr. Firas Al-Abduwani Discusses Green Hydrogen, Potential Regions for Development & Creating a Green Ecosystem
-
Energy2 months ago
Oil Futures Rebounds Over US$1 After 7-Week Low
-
Leaders Speak2 months ago
VIDEO: Discussing The Future of Green Hydrogen in Oman with H.E. Salim Al Aufi
-
Interviews2 months ago
VIDEO: Talking Latest Developments in Aircraft Ground Guidance & More at Oman Airports
-
Automotive2 months ago
Nissan Appoints Al Hashar Automotive as the Authorised Official Distributor in Oman
-
Uncategorized2 months ago
The Residences at The St. Regis Al Mouj Muscat Resort Achieve a New Milestone with Successful Handover to Owners