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