A British court has ordered former Abraaj chief executive Arif Naqvi be freed on £15 million bail while he fights extradition to the United States to face fraud charges, an official told a foreign media outlet on Thursday.
Naqvi, 58, must also remain under curfew around the clock at his west London home under the terms agreed at a hearing on Wednesday, the official said.
US prosecutors have appealed against the decision and Naqvi remained in custody on Thursday pending a hearing at the UK’s High Court. Legal sources said the hearing was likely to be held within days, which could reject the offer or vary its terms.
He faces up to 45 years in prison if found guilty of conspiracy and fraud charges connected to the collapse of the Abraaj Group last year. Naqvi denies defrauding investors in his now insolvent Dubai-based private equity company of millions of dollars.