Abraaj founder Arif Naqvi released on record $19m bail

Spokesman for Abraaj Group founder confirmed Westminster Magistrates Court had sent a 'release notice' - an instruction that he can be let out - to Wandsworth prison in south London
Abraaj founder Arif Naqvi released on record $19m bail
Arif Naqvi is one of three Abraaj officials that have faced arrest and are charged with inflating the value of Abraaj’s holdings and stealing hundreds of millions.
By Bernd Debusmann Jr
Wed 29 May 2019 01:05 PM

Abraaj Group founder Arif Naqvi has been released on bail after posting a record $18.96 million bail.

Naqvi was freed on Tuesday night after the security was paid, his spokesman said Wednesday. Westminster Magistrates Court confirmed it had sent a “release notice” - an instruction that he can be let out - to Wandsworth prison in south London, where he’d been held.

“These past weeks have been an extremely challenging time for Mr. Naqvi and his family,” Naqvi’s spokesman told Bloomberg. “He maintains his innocence, and he fully expects to be cleared of any charges.”

The amount is the largest ever ordered in the UK’s judicial history, and took over three weeks to raise since been granted in early May.

The bail application was supported by three sureties who offered GBP 650,000, or $821,453.

In an earlier court hearing in May, a Westminster Magistrates Court judge said that the conditions of the bail, which would include surrendering his travel documents and staying in his London home and wearing an electronic tag – “effectively amount to house arrest.” 

Naqvi is one of three Abraaj officials that have faced arrest and are charged with inflating the value of Abraaj’s holdings and stealing hundreds of millions. He denies the charges and is currently fighting a US extradition bid to face trial in New York City. 

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.

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