We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 1 May 2019 09:49 AM

Font Size

- Aa +

From DNA to electronic tagging: Terms of Abdel-Wadood's $10m bail package

US Attorney's Office said former Abraaj executive remains under home detention at a Manhattan apartment

From DNA to electronic tagging: Terms of Abdel-Wadood's $10m bail package
Mustafa Abdel-Wadood former Abraaj Group managing partner

A spokesperson from the United States Attorney’s Office has outlined the full terms and conditions behind the $10 million bail package granted to Mustafa Abdel-Wadood by a New York judge.

The former Abraaj Group managing partner is facing fraud charges after allegedly working with former Abraaj CEO Arif Naqvi to defraud investors of hundreds of millions of dollars before the $13 billion private equity firm collapsed last year.

Judge Lewis A. Kaplan, a US District Court judge for the Southern District of New York, agreed to a $10 million bond package for Abdel-Wadood on Monday.

Former Abraaj exec granted $10m bail bond in New York

Mustafa Abdel-Wadood was placed under house arrest at a New York apartment

The Egyptian national was arrested at a New York City hotel room on April 11 while travelling to shop for colleges for his son.

When contacted by Arabian Business, a spokesperson for the U.S. Attorney’s Office in the Southern District of New York outlined the terms and conditions of Abdel-Wadood’s bail package:

  • The defendant must not violate federal, state, or local law while on release.
  • The defendant must cooperate in the collection of a DNA sample if it is authorized.
  • The defendant must advise the court or the pretrial services office or supervising officer in writing before making any change of residence or telephone number.
  • The defendant must appear in court as required and, if convicted, must surrender as directed to serve a sentence that the court may impose.
  • The defendant provide a $10 million personal recognizance bond and be secured by an apartment in New York City and a home on Long Island.
  • The defendant is subject to home detention at an apartment in Manhattan approved by the United States Attorney's Office and Pretrial Services.
  • During his residence in this apartment, the defendant shall not leave the building in which the apartment is located absent prior written Court approval.
  • The defendant may use indoor facilities of the building that are generally available to residents.
  • The defendant is required to wear an electronic monitoring device (GPS) at all times and report telephonically to Pretrial Services as directed.

The spokesperson declined to comment on any potential litigation issues going forward or the exact address of the approved apartment where Abdel-Wadood would be detained.

However, in relation to the $10 million bail bond, the spokesperson did confirm that it was “secured by an apartment in New York City and a home on Long Island, owned respectively by two of the co-signers, and each valued to the satisfaction of the United States Attorney's Office at $5 million or more, net of any mortgage or other encumbrance… Those are the complete details of his bail package”.

Abdel-Wadood has pleaded not guilty to the charges against him and a trial date has been set for November 4.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance 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.