Arif Naqvi, the founder of beleaguered private equity firm Abraaj Group, has been released from custody after paying a record $19 million bail payment.
Naqvi had been detained at Wandsworth prison in the UK after being arrested in April over charges of defrauding investors made in the US courts.
A statement from Naqvi’s family welcomed the release and also reiterated his plea of innocence. “These past weeks have been an extremely challenging time for Mr Naqvi and his family.
“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.”
Naqvi has had to surrender his Pakistani passport, remain under house arrest and wear an electronic tag as part of his bail conditions.
He, along with two other Abraaj executives, is accused by US prosecutors of diverting investors’ funds for illicit purposes and depriving them of accurate information about the group’s financial health.
The ongoing scandal has led to collapse of what was once the region’s biggest buyout firm with $13 billion of assets under management. The effect of the Abraaj collapse has also had wider ramifications for the region’s entire private equity market.
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