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)