Abraaj founder sentenced to 3 years in prison by UAE court: report

Published August 9, 2019
Arif Naqvi — the chief executive and founder of the collapsed Dubai-based private equity firm Abraaj Capital Ltd. — Reuters/File
Arif Naqvi — the chief executive and founder of the collapsed Dubai-based private equity firm Abraaj Capital Ltd. — Reuters/File

The chief executive and founder of the collapsed Dubai-based private equity firm Abraaj Capital Ltd, Arif Naqvi, was sentenced in absentia to three years in prison by a court in the United Arab Emirates, reported Bloomberg on Thursday.

Naqvi was handed the prison sentence in a case involving low-cost carrier Air Arabia PJSC, the publication quoted people familiar with the matter as saying.

The sentence comes days after the financial regulator of Dubai said it had imposed a record fine of nearly $315 million on two affiliates of the collapsed Abraaj group for unauthorised activities and misusing investors’ funds.

According to the Bloomberg report, Naqvi’s legal representative declined to comment on the development, while Air Arabia representatives weren’t available to comment.

In April, Naqvi was arrested in the United Kingdom on US charges that he defrauded investors, including the Bill & Melinda Gates Foundation. In May, he was granted conditional bail of $20m after a London judge dismissed prosecutors’ bid to keep him in custody while he fought extradition to the US.

During his bail, the 58-year-old was ordered to surrender his travel documents, wear an electronic tag and stay in his London home. His bail conditions effectively amounted to house arrest, a report quoted the judge as saying at the time.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judicial disputes
Updated 23 Mar, 2025

Judicial disputes

Public perceptions of the institution’s independence and neutrality have taken a hit due to bitter, public spats between senior judges.
Biased proposal
23 Mar, 2025

Biased proposal

PAKISTAN’S tax system is extortionist, unpredictable and unsupportive of investment and economic growth. It...
JFK files
23 Mar, 2025

JFK files

THE latest cache of declassified documents from what are known as the ‘Kennedy files’ have not really impressed...
Running on empty
Updated 22 Mar, 2025

Running on empty

World Water Day should remind country’s rulers that water crisis threatens the very survival of our future generations.
Another ultimatum
22 Mar, 2025

Another ultimatum

THESE are fraught times, but the government must still find it in its heart to be a little more accommodating....
Muzzled voices
22 Mar, 2025

Muzzled voices

A NEW era of censorship is upon us. The FIA’s arrest of journalist and founder of media agency Raftar, Farhan...