Egyptian MD Abdel Wadood granted bail in Abraaj case
Former Abraaj exec Abdel Wadood granted bail in New York: Former Abraaj managing partner Mustafa Abdel-Wadood has been released on bail, the Wall Street Journal reported. Abdel-Wadood will be under house arrest in a Manhattan studio apartment under the USD 10 mn bail package secured by four cosigners. He could face trial as early as November on fraud and other charges related to the meltdown of Abraaj, once the flag bearer for private equity in emerging markets. Abraaj founder Aref Naqvi and another managing partner, Sev Vettivetpillai, were also arrested in London in the same case, and US prosecutors are seeking their extradition. Abdel-Wadood has denied any wrongdoing in the case. A judge in the UK denied bail for Naqvi last weekend.
Abdel Wadood loses his seat on Orascom’s board: Local press reported that Orascom Construction has let go of Abdel Wadood as an independent non-executive member. He will be replaced by Wiktor Słowiński.