Friday , June 14 2024

A London Court Granted Bail to Abraaj Capital founder for $20m bail

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London: The founder of Dubai-based private equity fund Abraaj Capital, Arif Naqvi, was granted conditional bail of $20 million after a London judge dismissed prosecutors’ bid to keep him in custody while he fought extradition to the US, the Bloomberg reported on Friday.  According to Mr Naqvi’s filings for the hiring as cited in the Bloomberg report, the bond amount is “the largest security ever ordered in the UK”. During his bail, the 58-year-old must surrender his travel documents, wear an electronic tag and stay in his London home. Mr Naqvi’s bail conditions effectively amount to house arrest, it quoted the judge as saying. Prosecutors said they feared he might flee to Pakistan rather than face the American charges. An electronic monitoring tag “is not a panacea, as anyone involved in Mr Assange’s case will tell you”, Rachel Kapila, the US government’s lawyer, said at the hearing.


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