Abraaj Founder Granted Bail On £15M Security In Reversal

Law360, London (May 2, 2019, 7:36 PM BST) -- A London judge granted bail Wednesday to the founder of defunct private equity firm Abraaj Group on a £15 million ($19.5 million) security, just days after refusing to release him for fear he would flee to avoid extradition to the U.S. on fraud charges.

Westminster Magistrate Court Judge Emma Arbuthnot said under the terms of his bail, Arif Naqvi, 58, must remain confined to his London home and wear an electronic monitoring device, a court official confirmed Thursday. The former Abraaj CEO will also need to hand over his passport and other identification to the police and surrender any new travel...

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