Founder of Dubai-based Abraaj released from UK prison after paying $19m bail

Arif Naqvi was arrested in April in connection with charges in the US of defrauding investors. (Reuters/ File photo)
Updated 29 May 2019

Founder of Dubai-based Abraaj released from UK prison after paying $19m bail

  • Arif Naqvi was arrested in April in connection with charges he faces in the United States of defrauding investors including the Bill & Melinda Gates Foundation
  • Abraaj, once the Middle East and North Africa’s biggest buyout fund, began to unravel after a row with investors over the use of money in a $1 billion healthcare fund

LONDON: Arif Naqvi, the Pakistani founder of collapsed private equity firm Abraaj Group, has been released from custody after meeting bail conditions including the payment of a £15 million ($19 million) security, a court official said.

Naqvi was being held at Wandsworth Prison in London after he was arrested in April in connection with charges he faces in the United States of defrauding investors including the Bill & Melinda Gates Foundation.

“These past weeks have been an extremely challenging time for Mr Naqvi and his family,” said a statement released on Naqvi’s behalf via a PR firm.

“He maintains his innocence, and he fully expects to be cleared of any charges. Mr Naqvi has repeatedly stated his commitment to be a positive force in resolving this situation for all stakeholders.”

A London court ruled on May 3 that Naqvi would be able to leave custody if he met his bail conditions, including the payment of £15 million and an additional surety of £650,000.

The conditions also included a requirement to surrender his Pakistani passport, to wear an electronic tag and to remain under 24-hour curfew at an address given to the court, a prosecution spokesman said at the time.

A court official said on Wednesday that Naqvi was released late on Tuesday after the bail conditions were met.

Naqvi is required to appear again at Westminster Magistrates Court on June 12, the court official said.

Dubai-based Abraaj, once the Middle East and North Africa’s biggest buyout fund, began to unravel after a row with investors over the use of money in a $1 billion healthcare fund.


Qatar Airways reports $1.92 billion loss amid coronavirus crisis

Updated 27 September 2020

Qatar Airways reports $1.92 billion loss amid coronavirus crisis

  • Airline also disclosed it had received a $2 billion advance from its owner, the Qatari government

DUBAI: Qatar Airways reported a loss of $1.92 billion on Sunday for the year ending March 31, as the coronavirus crisis hurt the aviation industry around the world.
The airline also disclosed it had received a $2 billion advance from its owner, the government of Qatar, after March that has since been converted into new shares.

Qatar Airways said it had been one of its most difficult years ever, with losses widening from a restated $1.2 billion loss in the previous year.
Air Italy, in which Qatar Airways held a minority stake, went into liquidation in February.
The true impact of the pandemic on Qatar Airways is unclear as global lockdowns continued after its financial year ended in March.