Abraaj Founder Arif Naqvi Gets Record $20 Million Bail in London - Bloomberg:
Arif Naqvi, the founder of buyout fund Abraaj Group, can be released on conditional bail of 15 million pounds ($20 million) after a London judge dismissed prosecutors’ bid to keep him in custody while he fights extradition to the U.S.
Naqvi -- who’s caught up in an American fraud probe -- was granted bail by Judge Michael Supperstone on Friday. The bond amount is “the largest security ever ordered in the U.K.,” according to Naqvi’s filings for Friday’s hearing.
During his bail, the 58-year-old must surrender his travel documents, wear an electronic tag and stay in his London home. Naqvi’s bail conditions “effectively amount to house arrest,” the judge said.
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