Now Reading
Abraaj founder Naqvi released on bail from UK court

Abraaj founder Naqvi released on bail from UK court

Naqvi was released after paying the 15m pound conditional bail – the largest ever ordered by a court in the UK

The founder of UAE-based Abraaj Group Arif Naqvi has been released from a court in London after paying the 15m pound ($19.5m) conditional bail, it was reported on Wednesday.

Naqvi, who was arrested on April 10 at London’s Heathrow Airport on behalf of the US authorities in a fraud case, was freed on Tuesday night after the security was paid.

Although Naqvi was granted conditional bail on May 3, it took almost four weeks to raise the amount. The bail bond is the largest of its kind ever ordered by a court in the UK.

Other conditions for the bail include surrendering his Pakistani passport, remaining under 24-hour curfew at an address given to the court and wearing an electronic tag.

Read: Abraaj founder wins bail appeal in London

“These past weeks have been an extremely challenging time for Mr. Naqvi and his family,” Naqvi’s spokesman told Bloomberg.

“He maintains his innocence, and he fully expects to be cleared of any charges.”

Under the charges, Naqvi is accused of defrauding US investors by inflating positions held by Abraaj in order to attract greater funds from them, causing them financial loss.

Those affected include US-based charitable organisations and investors such as the Bill & Melinda Gates Foundation.

However, Naqvi has maintained his innocence.

Founded in 2002, Abraaj became a major investor worldwide, with stakes in healthcare, energy and real estate across the Middle East, Africa, Asia, Latin America and Turkey.

The company, which managed almost $14bn in assets, was forced into liquidation in June last year after a group of investors commissioned an audit to investigate the alleged mismanagement of money in its healthcare fund.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top