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Abraaj's founder Naqvi released after Dh70M bail

Dubai - Payment a record amount; wearing an electronic tag part of conditions

Abraaj Group founder Arif Naqvi, who was being held on charges of defrauding investors, was released by a London court following a $19 million (Dh69.73 million) security payment.
Held in London's Wandsworth Prison, Naqvi was arrested last month on fraud charges by some of the biggest global investors, including the Bill and Melinda Gates Foundation.
Abraaj was the biggest private equity group in the Mena region before its collapse, holding portfolios in healthcare, clean energy, lending and real estate sectors with $14 billion worth of assets under its management. The group was initially involved in a $1 billion healthcare fund fraud battle with investors. Later, other investors also started pulling out funds from the group.
Naqvi had obtained bail on May 3 but his release was delayed to a late payment of $19 million, a record bail amount granted.
The court had also included a few other conditions as part of the bail, including surrendering Naqvi's Pakistani passport, wearing an electronic tag and remaining under house arrest.
"These past weeks have been an extremely challenging time for Mr Naqvi and his family," said a statement released by a PR firm on his behalf.
"He maintains his innocence, and he fully expects to be cleared of any charges. Mr Naqvi has repeatedly stated his commitment to be a positive force in resolving this situation for all stakeholders," read the statement.
Naqvi also vehemently rejected charges that he took money out for his own personal benefit is "ludicrous".
The Abraaj chief has been asked to appear again before the Westminster Magistrates Court on June 12.
Apart from Naqvi, other senior officials of Abraaj are also under investigation for their alleged involvement in misusing the funds. Two of Naqvi's patners, Mustafa Abdel Wadood in Manhattan and Sev Vettivetpillai in London, are out on bail.
- waheedabbas@khaleejtimes.com