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.
-
OER Magazines1 month ago
OER, April 25
-
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
Bank Nizwa Signs MoU with Ministry of Endowments and Religious Affairs to Enhance Endowment Management & Islamic Finance Frameworks
-
News2 months ago
Oman Signs Historic Agreement to Establish World’s First Liquid Hydrogen Corridor to Europe
-
Renewables1 month ago
Sembcorp’s 588MW Solar Power Plant In Oman Begins Commercial Operation
-
Banking & Finance1 month ago
How Bank Muscat is Pioneering Digital Solutions to Empower Customers
-
Business3 weeks ago
Tawoos Group acquires NMC Oman
You must be logged in to post a comment Login