Arif Naqvi, the founder of defunct Dubai-based private equity firm Abraaj Group, was sentenced in absentia to three years in prison by a court in the United Arab Emirates for a case involving low-cost carrier Air Arabia PJSC, people familiar with the matter said.
It’s unclear whether Naqvi will serve the sentence, given he’s in London awaiting a hearing over his potential extradition to the U.S. The sentencing comes a week after the Dubai financial center watchdog fined the collapsed buyout firm a record $315 million for misleading investors and misappropriating their funds.