Deals
Former CEO Gets Record $20 Million Bail
- Arif Naqvi’s conditional bail upheld by London’s High Court
- U.S. prosecutors seek Naqvi’s extradition on fraud charges
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Arif Naqvi, the founder of buyout fund Abraaj Group, can be released on conditional bail of 15 million pounds ($20 million) after a London judge dismissed prosecutors’ bid to keep him in custody while he fights extradition to the U.S.
Naqvi -- who’s caught up in an American fraud probe -- was granted bail by Judge Michael Supperstone on Friday. The bond amount is “the largest security ever ordered in the U.K.,” according to Naqvi’s filings for Friday’s hearing.