Former Abraaj CEO Denied Bail After Being Called Flight Risk

Arif Naqvi, the founder of buyout fund Abraaj Group, was denied bail by a London judge Friday after prosecutors said he may flee to Pakistan rather than face U.S. fraud charges, Bloomberg News reported. Judge Emma Arbuthnot denied Naqvi’s request after prosecutors said the 58-year-old wrote down the phone number of the Pakistani president when he was arrested earlier this month. Naqvi appeared at Westminster Magistrates Court for the latest stage of his extradition battle following his arrest this month on American charges of defrauding investors. "I’m concerned to see he had the president’s number on him," Arbuthnot said because it was a sign he had friends in high places in Pakistan. "If he were to be granted bail, I’d be extremely concerned he would leave the country.” The 58-year-old is one of several Abraaj officials caught up in a U.S. probe of what was the Middle East’s biggest private equity fund. Read more