Back to the complete issue
Sunday, 5 May 2019

Abraaj founder Arif Naqvi released on record GBP 15 mn bail

Abraaj founder Arif Naqvi released on record GBP 15 mn bail: Abraaj founder Arif Naqvi was granted conditional bail by a London court on Friday for a record GBP 15 mn (USD 20 mn), Bloomberg reports. Naqvi is likely to face a hearing in the UK on 24 May to determine whether he will be extradited to the US on charges of fraud, Reuters said. Former Abraaj managing partner Sev Vettivetpillai has also been released on conditional bail and will appear in court again on 12 June. Naqvi and former managing partner Mustafa Abdel-Wadood were arrested in Britain last month and face charges of defrauding US investors by artificially inflating the value of the fund’s holdings. Naqvi’s representatives released a statement on Friday maintaining his innocence. The news comes just days after Abdel-Wadood was ordered released on bail of USD 10 mn. Abdel-Wadood will remain in a Manhattan studio apartment ahead of trial as early as November.

 

Corrected on 8 May 2019

(We had incorrectly reported that Abdel-Wadood’s bail as USD 10 bn) 

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.