A British court has ordered former Abraaj chief executive Arif Naqvi be freed on £15 million bail while he fights extradition to the United States to face fraud charges, an official said on Thursday.
Mr Naqvi, 58, must also remain under curfew around the clock at his west London home under the terms agreed at a hearing on Wednesday, the official said.
US prosecutors have appealed against the decision and Mr Naqvi remained in custody on Thursday pending a hearing at the UK’s High Court. Legal sources said the hearing was likely to be held within days, which could reject the offer or vary its terms.
He faces up to 45 years in prison if found guilty of conspiracy and fraud charges connected to the collapse of the Abraaj Group last year. Mr Naqvi denies defrauding investors in his now insolvent Dubai-based private equity company of millions of dollars.
The Pakistani citizen also allegedly directed a ploy to inflate the value of some of Abraaj’s funds in an attempt to cover up the company's liquidity issues, while trying to attract a $6 billion investment for a new venture.
If the High Court agrees with the bail offer, Mr Naqvi must wear an electronic tag to ensure he remains confined to his home in a highly-sought gated mansion block just a few hundred yards from London’s Hyde Park. The property is owned in the name of a British Virgin Islands company.
Mr Naqvi, the founder of the now-defunct Abraaj Group, will also have to hand over his passports and is not allowed to apply for any new travel documents, according to officials and a spokesman for the businessman.
The same judge, Emma Arbuthnot, rejected a £2m offer last week because of concerns that he could flee to Pakistan where he has high level political contacts in the country.
Prosecutors believed he had access to a private jet that could take him out of the country. There is no extradition treaty between Pakistan and the US.
He was one of three former executives arrested last month over the world’s largest private equity insolvency. A judge in New York on Monday agreed to release Mustafa Abdel-Wadood, a former Abraaj managing partner, on payment of a $10 million bond.
The high bail fee reflects Mr Naqvi’s personal wealth and is thought to be one of the highest ever levied in the UK.
Vijay Mallya, the UK-based businessman wanted in India over the collapse of his airline, secured bail of £650,000. In 2017, Dmitry Firtash, the Ukrainian tycoon, secured bail on payment of $125 million in Austria as he fought extradition to the US on bribery allegations.
Mr Naqvi denies inflating valuations of his fund and says the idea that he took money out for his own personal benefit is “ludicrous,” his lawyer told the judge last week.
“Mr Naqvi maintains his innocence, and he fully expects to be cleared of any charges,” according to a statement on Thursday. “For almost a year since the commencement of the provisional liquidations, he has been working tirelessly to maximise returns for Abraaj’s creditors.”
If he fights the US extradition warrant the process could drag out for two years or more, according to proceedings in the American courts.
Abraaj, which managed almost $14 billion in funds, 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.
Founded in 2002, Abraaj grew to become one of the world’s most influential emerging-market investors, with stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The%20specs
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Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
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Eddie Dibbs - 370
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.
Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
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%3Cp%3E%3Cstrong%3EWest%20Asia%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Bahrain%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Jebel%20Ali%20Dragons%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%201%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Sharks%0D%3Cbr%3ERunners%20up%3A%20Abu%20Dhabi%20Harlequins%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%202%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%20III%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Sharks%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDubai%20Sevens%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%3C%2Fp%3E%0A
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
CHATGPT%20ENTERPRISE%20FEATURES
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
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if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
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Pros%20and%20cons%20of%20BNPL
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UAE currency: the story behind the money in your pockets