LONDON: Arif Naqvi, the Pakistani founder of collapsed private equity firmAbraaj Group, has been released from custody after meeting bail conditionsincluding the payment of a 15 million pound ($19 million) security, a courtofficial said.
Naqvi was being held at Wandsworth Prison in London after he was arrestedin April in connection with charges he faces in the United States ofdefrauding investors including the Bill & Melinda Gates Foundation.
“These past weeks have been an extremely challenging time for Mr Naqvi andhis family,” said a statement released on Naqvi’s behalf via a PR firm.
“He maintains his innocence, and he fully expects to be cleared of anycharges. Mr. Naqvi has repeatedly stated his commitment to be a positiveforce in resolving this situation for all stakeholders.”
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A London court ruled on May 3 that Naqvi would be able to leave custody ifhe met his bail conditions, including the payment of 15 million pounds andan additional surety of 650,000 pounds.
