UK court allows Abraaj founder’s extradition to US

LONDON: The founder of collapsed Dubai-based private equity company Abraaj Group will be extradited to the United States, where he is wanted on fraud charges, a London court ruled on Thursday.

US prosecutors allege Arif Naqvi, a Pakistani businessman, is the architect of a plot to defraud investors including the Bill & Melinda Gates Foundation. Naqvi’s lawyers have said he could face 291 years in jail if convicted in the US.

Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until its collapse in 2018, after investors raised concerns about the management of its $1 billion healthcare fund.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

Tech sector continues to thrive, prosper: WIPO report

Despite the economic devastation wrought by Covid-19, the new technology sector continued to thrive and prosper last year, the UN’s World Intellectual Property Organisation’s...