Judge Emma Arbuthnot ruled that Arif Naqvi cannot have his travel documents, must wear an electronic tag and must stay in his London home.
Thursday 02, May 2019
(Bloomberg) --Arif Naqvi, the founder of buyout fund Abraaj Group, was granted conditional bail of GBP 15 million ($20 million) by a London judge, despite worries by prosecutors that he may flee to Pakistan rather than face US fraud charges.
A spokesperson for Naqvi said that the decision overturns the judge’s own ruling from last week that denied him bail.
In a statement, the spokesperson said that Naqvi maintains his innocence and he fully expects to be cleared of any charges, adding that for almost a year since the commencement of the provisional liquidations, the former CEO of Abraaj has been working tirelessly to maximize returns for the creditors.
Naqvi is one of several Abraaj officials caught up in an American probe of what was the Middle East’s biggest private-equity fund. A judge in New York agreed to release Mustafa Abdel-Wadood, a former Abraaj managing partner, for home confinement on a $10 million bond.
Naqvi is charged with inflating the value of the Dubai-based firm’s holdings and stealing hundreds of millions of dollars.
Abraaj collapsed last year in the world’s biggest private-equity insolvency and Naqvi also surrendered control in 2018.
The private equity fund, which managed almost $14 billion, was forced into liquidation in June after a group of investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of money in its health-care fund.