Abraaj Founder Naqvi Hasn't Paid $20 Million Bail, Stays in Jail - Bloomberg:
Arif Naqvi, the Abraaj Group founder caught up in a U.S. fraud probe, is still being held in U.K. jail days after he won bail -- because he hasn’t paid the 15 million-pound ($20 million) security bond.
Naqvi can be released once he pays, a London court ruled on Friday. But Westminster Magistrates’ Court confirmed on Tuesday that he’s yet to come up with the funds and is still in custody. His spokeswoman and lawyer didn’t immediately comment.
The bail bond is the largest of its kind ever ordered in the U.K., Naqvi said in his filings for Friday’s hearing. The conditions -- which include staying in his London home and wearing an electronic tag -- “effectively amount to house arrest,” the judge said in court.
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