Mubasher: The Pakistani founder of the Dubai-based private equity firm Abraaj Group, Arif Naqvi, has been released from custody after meeting a bail condition of a $19 million security, a court official said.

Naqvi has been ordered to re-appear at Westminster Magistrates Court on 12 June, the court official added.

Under the conditions of Naqvi’s temporary release, he shall surrender his Pakistani passport, wear an electronic tag, and remain under 24-hour curfew at an address provided to the court, Reuters reported.

“These past weeks have been an extremely challenging time for Mr. Naqvi and his family,” a statement released on behalf of Naqvi via a public relations firm said.

“He maintains his innocence, and he fully expects to be cleared of any charges. Mr. Naqvi has repeatedly stated his commitment to be a positive force in resolving this situation for all stakeholders,” the statement added.

In a report posted on 8 May, Westminster Magistrates Court said that the founder of collapsed buyout firm Abraaj Group was still held at Wandsworth Prison in London in absence of a GBP 15 million bail.

It is worth noting that Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the company commingled investor funds with its own money in the healthcare fund.