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Tue 14 Jan 2020 11:15 AM

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Sentencing for former Abraaj MD Abdel-Wadood adjourned to August

The date was pushed pending an extradition hearing for lead defendant Arif Naqvi in July

Sentencing for former Abraaj MD Abdel-Wadood adjourned to August

Abdel-Wadood, who is out on a $10 million bail in New York, could be sentenced to 125 years in prison. Image: ITP Media Group

A US judge has adjourned a court sentencing for Mustafa Abdel-Wadood, the former managing partner of collapsed private equity firm Abraaj, pending an extradition hearing for lead defendant and company founder Arif Naqvi.

Abdel-Wadood’s sentencing was postponed by Judge Lewis Kaplan from December 27, 2019 to on or after August 1, 2020, at the request of US Attorney for the Southern District of New York, Geoffrey Berman, while the sentencing control date is now September 7, 2020.

It will follow Naqvi’s hearing in London from June 22-25, 2020 and again on July 1, 2020, according to court documents seen by Arabian Business.

Abdel-Wadood, who is out on a $10 million bail in New York, could be sentenced to 125 years in prison. However, the 49-year-old Egyptian is the only defendant who appeared in court, pleaded guilty to seven count including conspiracy charges, and is cooperating with the US government.

He is one of six former Abraaj executives who are currently facing extortion and securities fraud charges.

The high-profile company which managed $14 billion at its peak was forced into liquidation in 2018 following an investigation into a $1 billion healthcare fund run by investors including the Bill & Melinda Gates Foundation.

Naqvi, who is out on a £15m bail in London, has continued to deny charges against him and is contesting his extradition to the US. He founded Abraaj in 2002 and grew it to the largest private equity firm in the Middle East, with interests across Turkey, Africa, Asia and Latin America.

Other former Abraaj executives facing legal charges include chief financial officer Ashish Dave and managing directors Sivendran Vettivetpillai, Rafique Lakhani and Waqar Siddique.

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