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Arif Naqbi, the founder of now defunct Abraaj Group.

PHOTO BY ARCHIVE


Abraaj founder remains in jail after failing to pay bond

 

DUBAI – The founder of controversy-hit equity firm Abraaj Group remains in a UK prison after he failed to pay a 15 million pound ($20 million) bail bond.

As of Tuesday, Arif Naqbi had yet to come up with the funds, according to Westminster Magistrates Court. The bail bond is the largest of its kind ever ordered in the UK.

Naqvi is one of several Abraaj officials charged with inflating the value of Dubai-based Abraaj and stealing hundreds of millions of dollars. He has denied the charges and is seeking US extradition.

If he posts bail, Naqbi will be on house arrest at his London home and will wear an electronic tag, a judge ruled.

Abraj declared insolvency in 2018, as Naqvi surrendered control. The Dubai-based firm had become one of the world’s most influential investors since its founding in 2002.

The firm was forced into liquidation in June after investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of its health care fund. GAD/Expat Media

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