The Abraaj Group founder and former MD Sev Vettivetpillai will remain on conditional bail until then
Abraaj Group founder Arif Naqvi and former managing director Sev Vettivetpillai will face a four-day extradition hearing in February, according to British authorities.
The two men are wanted by US prosecutors to face fraud charges in the United States. On Wednesday, the chief magistrate of the Westminster Magistrates’ Court decided that an extradition hearing should take place on February 3.
Until then, both men are to remain on conditional bail.
So far, six people have been charged by US prosecutors for their part in what American officials believe was a massive scheme to defraud investors, including the Bill & Melinda Gates Foundation.
One of the accused, former managing partner Mustafa Abdel-Wadood, was taken into custody in New York City in April and remains under house arrest in the US.
Naqvi was released from jail in late May after posting $18.96 million bail, the largest ever ordered in the UK’s judicial history.
Abraaj, which managed almost $14 billion in assets, 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 healthcare fund.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.