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.
-
Automotive2 months ago
South Korea Plans to Support Auto Sector with US$2B Following US Tariffs
-
News2 months ago
Aligning HR Strategies with Oman Vision 2040: A Roadmap for Organisational Growth – OER Business Summit 2025
-
OER Magazines1 month ago
OER, April 25
-
News2 months ago
Oman Oil Prices Witness Drop Amid Shifting Global Trade Dynamics
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, April 25
-
Renewables3 weeks ago
Jindal Renewables and OQ Alternative Energy Sign Joint Development Agreement to Advance Integrated Renewable Power Projects in Oman
-
Banking & Finance2 months ago
Sohar International Bank SAOG Announces Intention to Merge with Ahli Bank SAOG
-
Banking & Finance2 months ago
Bank Nizwa Signs MoU with Ministry of Endowments and Religious Affairs to Enhance Endowment Management & Islamic Finance Frameworks
You must be logged in to post a comment Login