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Abraaj's Naqvi Sentenced to Prison in Absentia by U.A.E. Court

  • Dubai-based private-equity firm Abraaj collapsed last year
  • Founder, other executives still face fraud charges in the U.S.
Arif Naqvi
Arif NaqviPhotographer: Simon Dawson/Bloomberg

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.