According to Bloomberg News on Thursday, Arif Naqvi, chief executive and founder of the Dubai-based private equity firm Dubai Abraaj Capital Ltd, has been sentenced to three years in court in the United Arab Emirates.
The letter was based on people familiar with the matter saying that Naqvi was sentenced to life as a prisoner in a lawsuit involving the Air Arabia PJSC international airline.
The lawsuit was just days after the Dubai-based financial regulator allegedly paid a $ 315 million fine for the illegal collapse of two Abraaj Group entities over illegal activities and misappropriation of Investor’s money.
According to Bloomberg News, a representative of the Naqvi government declined to comment on the matter, while a representative of Arab Airlines could not comment.
In April, Naqvi was arrested in the UK for embezzling funds, including the Bill and Melinda Gates Foundation. In May, a London judge dismissed a prosecutor’s $ 20 million fine while in prison in the United States.
At the time of his bail, the 58-year-old was ordered to leave his travel records, sign an electronic document and remain at his London home. His bail cases are similar to a house arrest, and the report shows the judge’s statements at the time.