Abraaj Group Founder Arif Naqvi Wins Bail Appeal In London

Advertisment

A British prosecutor disclosed that Arif Naqvi, the Pakistani founder of Abraaj Group, a collapsed private equity company, won a battle for bail in a court in London last Friday. The decision comes ahead of his possible extradition to the United States on charges that are related to fraud.

The London court dismissed an appeal against bail by the prosecution and the Pakistani founder will be able to leave custody after meeting his bail conditions. In an email, a prosecution spokesperson disclosed that the conditions have been set at 15 million pounds and an additional surety of 650,000 pounds.

Naqvi will also be required to surrender his Pakistani passport. The spokesperson added that he will also be under a 24-hour curfew at an address that is given to the court and wear an electronic tag.

Previously, a court official said that the extradition hearing of Naqvi will take place on the 24th of May.

The court official said that previously, Sev Vettivetpillai, a former managing partner of Dubai-based Abraaj, who was released on conditional bail is set to appear again at Westminster Magistrates Court on the 12th of June.

Under the charges of the United States, both men are accused of defrauding its U.S. investors by inflating positions that are held by Abraaj in order to attract larger funds from them, causing them to experience financial loss.

The Securities and Exchange Commission of the United States alleges that Naqvi and his company raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million (£77 million) over three years from charitable organisations that are based in the United States and other investors in the US, including the Bill &Melinda Gates Foundation.

Last month, both Naqvi and Vettivetpillai were arrested in the United Kingdom.

According to a statement that was released last Friday through a PR company, Naqvi maintains his innocence.