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# Business

Abraaj Group founder released from UK prison after paying record 15m pound bail

Naqvi, the Pakistani man behind the world’s largest private equity insolvency case, was arrested on April 10 at London’s Heathrow Airport on behalf of the US authorities for defrauding US investors, including the Bill & Melinda Gates Foundation.

IANS | London | May 29, 2019 12:34 pm

Abraaj Group founder released from UK prison after paying record 15m pound bail

(Photo: Facebook)

Dubai-based firm Abraaj Group founder Arif Naqvi has been released on bail after paying 15 million pound — the largest-ever security — in the UK’s judicial history.

Naqvi, the Pakistani man behind the world’s largest private equity insolvency case, was arrested on April 10 at London’s Heathrow Airport on behalf of the US authorities for defrauding US investors, including the Bill & Melinda Gates Foundation.

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“He has been released from Wandsworth Prison after 15 million pound in cash was deposited with the court – which took over three weeks to raise since the decision granting him bail in early May,” reported Geo News on Wednesday. Naqvi’s bail application was also supported by three sureties, the report said.

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Two of Naqvi’s associates — senior Abraaj executives Mustafa Abdel-Wadood in Manhattan and Sev Vettivetpillai in London — are already out on bail, the report said.

Founded in 2002, Abraaj Group grew over the next decade to become the Middle East’s biggest private equity fund and one of the world’s most influential emerging-market investors, with stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey.

However, last year Naqvi surrendered control of the firm after it was revealed that its main revenues hadn’t covered operating costs for years.

Abraaj, which managed almost $14 billion, was forced into liquidation in June after several investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of money in its healthcare fund.

Naqvi and Abdel-Wadood were charged with inflating the value of the firm’s holdings and stealing hundreds of millions of dollars.

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# India

The Kerala High Court, on Thursday, granted bail to M K Nasar, one of the individuals convicted by the special NIA court last year in the case of chopping the hands of Professor T J Joseph in 2010. A division bench comprising Justice Raja Vijayaraghavan and Justice P V Balakrishnan suspended Nasar’s sentence and granted conditional bail to him after considering his appeal against the NIA court’s conviction in the case Considering the prolonged detention and citing the potential for trial delays, the court suspended Nasar’s sentence and granted conditional bail, taking into account that some co-accused with similar allegations had already been released after serving shorter terms. The court noted that he had already spent nine years in jail and that delays in resolving appeals could justify suspending a convict’s prison term. It also observed that other accused in the case had received lesser sentences and had already been released after serving their terms. “The applicant has been undergoing incarceration, at the pre-conviction and post-conviction phases, for over 9 years. Furthermore, the fact that the accused facing the same allegations were earlier imposed a lesser term of imprisonment and have been released after having undergone the sentence is a factor that cannot be ignored. Additionally, the appeals filed by the NIA against the findings of the learned Sessions Judge are being considered in separate appeals, which have not yet been taken up. “There is also the likelihood of delay, as the prime accused has surrendered, and the learned Sessions Judge may have to take up the trial and dispose of it in accordance with the law and some of the original records may be required for that purpose. In view of these facts and circumstances, we are of the considered opinion that the sentence imposed on the applicant can be suspended pending the consideration of the appeal.” The court said The court, however, imposed strict conditions for Nasar’s bail. He is not supposed to provide a bond of Rs 1 lakh with two sureties, refrain from leaving the country without the court’s permission, avoid interfering with the trial or witnesses, and not commit similar offences while on bail The gruesome incident dates back to July 4, 2010, when Joseph, a professor at Newman College, Thodupuzha, was returning from Sunday mass with his family, members of the now-banned Popular Front of India (PFI) attacked him, allegedly in retaliation for a question paper he set, which contained a passage that they claimed insulted Prophet Mohammed was derogatory. His right hand was chopped off in this attack. Nasar was accused of playing a critical role in the attack. Investigations revealed his involvement in recruiting gang members, assigning specific tasks, collecting funds, procuring communication devices, and maintaining communication links with key conspirators.

The Kerala High Court, on Thursday, granted bail to M K Nasar, one of the individuals convicted by the special NIA court last year in the case of chopping the hands of Professor T J Joseph in 2010.